106                              LAWS OF MARYLAND                        [CH. 83

CHAPTER 82
(House Bill 322)

AN ACT to repeal and re-enact, with amendments, Section 260 (a)
of Article 48A of the Annotated Code of Maryland (1964 Replace-
ment Volume), title "Insurance," subtitle "17. Stock and Mutual
Insurers," amending the laws concerning the contingent liability
under an assessable mutual policy of insurance.

Section 1. Be it enacted by the General Assembly of Maryland,
That Subsection 260 (a) of Article 48A of the Annotated Code of
Maryland (1964 Replacement Volume), title "Insurance," subtitle
"17. Stock and Mutual Insurers," be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

260.

(a) If at any time the assets of a domestic mutual insurer are
less than its liabilities and the minimum amount of surplus required
to be maintained by it by this article for authority to transact the
kinds of insurance being transacted, and the deficiency is not cured
from other sources, its directors shall levy an assessment only upon
its members who held policies providing for contingent liability at
any time within the thirty-six (36) months preceding the date notice
of such assessment was mailed to them, limited to one policy premium
but in no event to exceed a full year's premium, and such members
shall be liable to the insurer for the amount so assessed.

Sec. 2. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate preser-
vation of the public health and safety and having been passed by a
yea and nay vote supported by three-fifths of all the members elected
to each of the two houses of the General Assembly, the same shall
take effect from the date of its passage.

Approved March 23, 1966.

CHAPTER 83
(House Bill 323)

AN ACT to repeal and re-enact, with amendments, Section 162 (c) of
Article 48A of the Annotated Code of Maryland (1964 Replace-
ment Volume), title "Insurance," subtitle "10. Rehabilitation and
Liquidation," amending the laws concerning the amount of assess-
ment which a member may be held liable for under an assessable
mutual policy of insurance in the event of the rehabilitation or
liquidation of a domestic mutual insurer or a domestic reciprocal
insurer.

Section 1. Be it enacted by the General Assembly of Maryland,
That Subsection 162 (c) of Article 48A of the Annotated Code of
Maryland (1964 Replacement Volume), title "Insurance," subtitle
"10. Rehabilitation and Liquidation," be and it is hereby repealed
and re-enacted, with amendments, to read as follows: