(a) The Legislative Auditor shall conduct a fiscal and compliance audit of the accounts and transactions of the Society for each year in which the Society receives a disbursement from the Rate Stabilization Account under § 19–805 of this article.
(b) Within one year of the date of an audit report required under subsection (a) of this section, the Legislative Auditor shall conduct a follow–up audit to determine the status of any audit recommendations.
(c) The Society shall pay the cost of each audit.
Structure Maryland Statutes
Title 24 - State Created Mutual Societies and Other Entities
Subtitle 2 - Medical Mutual Liability Insurance Society of Maryland
Section 24-202 - Legislative Policy
Section 24-203 - Medical Mutual Liability Insurance Society of Maryland
Section 24-204 - Board of Directors
Section 24-205 - Administration of Society by Licensed Insurer
Section 24-206 - Scope of Certificate of Authority
Section 24-207 - Assessments; Nonassessable Policies
Section 24-208 - Membership Fees
Section 24-209 - Policy Terms and Conditions of Coverage
Section 24-211 - Financial Reporting and Analysis
Section 24-212 - Excess Surplus; Rate Reduction