Ch. 11                                      1996 LAWS OF MARYLAND

BY MAY 1 OF EACH YEAR, THE BOARD OF DIRECTORS SHALL SUBMIT TO THE
COMMISSIONER:

(1)     A FINANCIAL REPORT FOR THE PRECEDING CALENDAR YEAR IN
THE FORM THAT THE COMMISSIONER APPROVES; AND

(2)     A REPORT OF ITS ACTIVITIES DURING THE PRECEDING CALENDAR
YEAR.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 534.

Defined terms: "Commissioner" § 1-101
"Corporation" § 9-401

9-416. EXEMPTION FROM PAYMENT OF FEES AND TAXES.

EXCEPT FOR TAXES ON REAL PROPERTY, THE CORPORATION IS EXEMPT FROM
THE PAYMENT OF ALL FEES AND TAXES LEVIED BY THE STATE OR A SUBDIVISION
OF THE STATE.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 535.

Defined term: "Corporation" § 9-401
9-417. IMMUNITY FROM LIABILITY.                                                                               

A MEMBER INSURER OR ITS AGENTS OR EMPLOYEES, THE CORPORATION OR
ITS AGENTS OR EMPLOYEES, MEMBERS OF THE BOARD OF DIRECTORS, AND THE
COMMISSIONER OR THE COMMISSIONER'S REPRESENTATIVES SHALL HAVE THE
IMMUNITY FROM LIABILITY DESCRIBED IN § 5-337 OF THE COURTS ARTICLE FOR
ANY ACTION OR OMISSION TAKEN BY THEM IN THE PERFORMANCE OF THEIR
POWERS AND DUTIES UNDER THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 536.

Defined terms: "Agent" § 1-101
"Commissioner" § 1-101
"Corporation" § 9-401
"Member insurer" § 9-401

9-418. STAY OF PROCEEDINGS; DEFAULT JUDGMENTS.

(A)     STAY OF PROCEEDINGS.

TO ALLOW PROPER LEGAL ACTION BY THE CORPORATION ON ANY MATTER
GERMANE TO ITS POWERS OR DUTIES, EACH PROCEEDING IN WHICH THE IMPAIRED
INSURER IS A PARTY IN A COURT IN THE STATE SHALL BE STAYED FOR 60 DAYS
AFTER THE DATE AN ORDER OF LIQUIDATION, REHABILITATION, OR
CONSERVATION IS FINAL.

(B)     DEFAULT JUDGMENTS.

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