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Session Laws, 1989
Volume 771, Page 844   View pdf image
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Ch. 4

LAWS OF MARYLAND

those eligible persons who are unable to obtain it in the private
market.

(b)  (1) The policy issued by the Fund shall contain the
minimum coverages required by §§ 539 through 542, inclusive, of
this article, and may contain such other provisions as may be
determined by the executive director and approved by the board of
trustees of the Fund and the Commissioner of Insurance.

(2)  (i) Subject to subparagraph (ii) of this
paragraph whenever the Fund issues a policy of commercial
automobile liability insurance under this subtitle, the Fund may
provide coverages in addition to and in excess of the minimum
coverages required by §§ 539 through 542, inclusive, of this
article and by Title 17 of the Transportation Article.

(ii) The Fund may not be required to provide
coverages in addition to and in excess of the required minimum
coverages for any applicant or policyholder except to the extent
that reinsurance for such additional or excess coverage is
available and acceptable to the Fund.

(3)  (i) Premiums for all commercial coverage shall be
determined in accordance with § 243C of this article.

(ii) Notwithstanding the provisions of
subparagraph (i) of this paragraph, the rating considerations set
out in § 243C(a)(2) of this article may not be used to determine
the premium for commercial coverage.

(c)   [The Fund shall pay a commission determined by the
board of trustees but not to exceed 12 percent of the total
policy premiums, to the producer of a policyholder licensed in
this State to whom a policy of insurance is issued by the Fund.
All commissions paid by the Fund shall be fully earned. A
commission shall be deemed "fully earned" when a valid contract
of insurance is made with the Fund, at issuance of an initial
policy or endorsement thereof, as and when the correct and
correctly rated premium is fully paid to the Fund, except when:]

(1) EXCEPT AS OTHERWISE PROVIDED IN THIS SUBSECTION,
THE FUND SHALL PAY TO A QUALIFIED PRODUCER OF A POLICYHOLDER TO
WHOM A POLICY OF INSURANCE IS ISSUED BY THE FUND A COMMISSION AS
FOLLOWS:

(I)  IN THE CASE OF A POLICY OF PRIVATE
PASSENGER AUTOMOBILE INSURANCE, AT A RATE OF 10 PERCENT OF THE
TOTAL POLICY PREMIUM; AND

(II)  EXCEPT AS PROVIDED IN SUBPARAGRAPH (I) OF
THIS PARAGRAPH, IN THE CASE OF ANY AUTOMOBILE INSURANCE POLICY,
AT A RATE DETERMINED BY THE FUND, NOT TO EXCEED 10 PERCENT OF THE
TOTAL POLICY PREMIUM.

- 844 -

 

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Session Laws, 1989
Volume 771, Page 844   View pdf image
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