PARRIS N. GLENDENING, Governor

Ch. 11

(1)      A FINANCIAL MANAGEMENT COMMITTEE OF THE FUND SHALL
MANAGE AND INVEST ALL MONEYS COLLECTED BY OR FOR THE FUND THROUGH
PREMIUMS, EARNINGS FROM INVESTMENTS, OR FROM OTHER SOURCES.

(2)      THE FINANCIAL MANAGEMENT COMMITTEE CONSISTS OF THE
EXECUTIVE DIRECTOR AND TWO MEMBERS OF THE BOARD OF TRUSTEES WHOM
THE BOARD OF TRUSTEES CHOOSES.

(3)      OF THE TWO MEMBERS FROM THE BOARD OF TRUSTEES:

(I)       ONE SHALL BE CHOSEN FROM THE MEMBERS APPOINTED BY
THE GOVERNOR; AND

(II)     ONE SHALL BE CHOSEN FROM THE MEMBERS APPOINTED BY
THE ASSOCIATION.

(B) INVESTMENT OF EXCESS.

(1)      WHENEVER THE AMOUNT OF MONEYS IN THE FUND EXCEEDS THE
AMOUNT THAT THE EXECUTIVE DIRECTOR BELIEVES IS LIKELY TO BE REQUIRED
IMMEDIATELY, THE FINANCIAL MANAGEMENT COMMITTEE MAY MANAGE THE
EXCESS AS IT CONSIDERS APPROPRIATE AND INVEST THE EXCESS IN INVESTMENTS
LEGAL FOR CASUALTY INSURERS UNDER §§ 5-601 THROUGH 5-609 OF THIS ARTICLE.

(2)      IF USE OF THE EXCESS BECOMES NECESSARY OR EXPEDIENT, THE
FINANCIAL MANAGEMENT COMMITTEE MAY COLLECT, SELL, OR OTHERWISE
REALIZE ON THE INVESTMENT AND ANY ACCRUED INTEREST.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 243E and the first and second sentences of §
243A.

In subsection (a)(1) of this section, the former reference to all moneys
"collected pursuant to this section" is deleted as included in the reference to
all moneys "collected by or for the Fund".

In subsection (b)(1) of this section, the former phrase "as often as" is deleted
as surplusage.

Also in subsection (b)(1) of this section, the former reference to the financial
management committee "created by [former] § 243A" is deleted as surplusage.

Also in subsection (b)(1) of this section, the former reference to §§ 97 through
107 - now §§ 5-601 through 5-609 of this article - "as amended from time to
time" is deleted as unnecessary in light of Art. 1, § 21 of the Code, which
provides that reference to a provision of the Code includes reference to
subsequent amendments.

Defined terms: "Association" § 20-101
"Board of Trustees" § 20-101
"Executive Director" § 20-101

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