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§ 20-301. Purpose, contents, and use of Fund

West's Annotated Code of MarylandInsuranceEffective: July 1, 2018

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 20. Maryland Automobile Insurance Fund (Refs & Annos)
Subtitle 3. Purpose and General Provisions of Fund (Refs & Annos)
Effective: July 1, 2018
MD Code, Insurance, § 20-301
§ 20-301. Purpose, contents, and use of Fund
Purpose of Fund
(a) The purpose of the Fund is to provide the financial security required under § 17-103 of the Transportation Article to those eligible persons that are unable to obtain it from an Association member.
Contents of Fund
(b) Money of the Fund consists of revenues, premiums, and other receipts provided by law.
Use of Fund
(c)(1) All operating expenses of the Fund shall be paid from the money collected by or for the Fund.
(2)(i) Subject to subparagraphs (ii) through (iv) of this paragraph, money and property available to the Fund may be used for the general purposes of the Fund.
(ii) Premiums collected and income accruing from those premiums may be used only for the payment of claims arising under policies issued by the Fund and for the administrative expenses of the Fund.
(iii) The Fund shall keep separate records of any income and expenses directly attributable to the Uninsured Division, including the processing and payment of unsatisfied claims under Subtitle 6 of this title.
(iv) The Fund shall keep separate records of any income and expenses directly attributable to its commercial policy and claims operations.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 2018, c. 195, § 1, eff. July 1, 2018; Acts 2018, c. 196, § 1, eff. July 1, 2018.
Formerly Art. 48A, §§ 243, 243A, 243B.
MD Code, Insurance, § 20-301, MD INSURANCE § 20-301
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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