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§ 20-410. Insufficiency Assessment Reserve Fund

West's Annotated Code of MarylandInsuranceEffective: June 1, 2023

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 20. Maryland Automobile Insurance Fund (Refs & Annos)
Subtitle 4. Industry Automobile Insurance Association (Refs & Annos)
Effective: June 1, 2023
MD Code, Insurance, § 20-410
§ 20-410. Insufficiency Assessment Reserve Fund
Currentness
In general
(a) There is an Insufficiency Assessment Reserve Fund.
Contents of Fund
(b) The Insufficiency Assessment Reserve Fund shall be maintained by the Association and shall consist of assessment payments collected by the Association and interest, if any.
Fund moneys held in separate interest-bearing accounts
(c)(1) Except as provided in paragraph (2) of this subsection, the Association shall hold money of the Insufficiency Assessment Reserve Fund in trust in a separate interest-bearing account in a financial institution in the State for the use of the Fund.
(2) The Association may authorize the financial institution where the money is deposited to invest all or part of the money in investments allowed for casualty insurers, as provided in §§ 5-601 through 5-609 of this article.
Deadline for deposit of gross excess surcharges
(d) An Association member shall deposit with the Association any gross excess surcharges received because of a future assessment not later than October 15 after the surcharge year in which the gross excess surcharge was received.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 2023, c. 535, § 1, eff. June 1, 2023.
Formerly Art. 48A, § 243N.
MD Code, Insurance, § 20-410, MD INSURANCE § 20-410
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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