A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Administration" means the Motor Vehicle Administration.
(2) “Fleet policy” has the meaning as stated in Transportation Article, §17-101, Annotated Code of Maryland.
(3) “Immediately” means by the close of business on the next business day.
(4) "Lapse or termination" means interruption of continuous coverage caused by the failure of an insurer to renew the security required by Transportation Article, §17-103(b), Annotated Code of Maryland.
(5) “Policy” means a vehicle policy or binder for required security as defined by §17-101(d), Annotated Code of Maryland, issued by an insurer or other provider of required security.