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2007 Laws of Maryland
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Ch. 41
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(j) (1) The Commission shall revoke the approval of a governmental
self-insurance group to self-insure under this section if the governmental
self-insurance group:
(i) fails to deposit securities with or submit a bond to the
Commission in accordance with subsection (e) of this section;
(ii) fails to submit satisfactory reports to the Commission in
accordance with subsection (i)(1)(i) of this section; or
(iii) otherwise fails to satisfy the Commission that it is
financially able to self-insure.
(2) Whenever the Commission revokes approval for a governmental
self-insurance group to self-insure under this section, the members of the
governmental self-insurance group immediately shall secure compensation through
an authorized insurer or the Injured Workers' Insurance Fund.
(3) If a member of a governmental self-insurance group fails to secure
compensation as required by paragraph (2) of this subsection, the Commission shall
order the member of the governmental self-insurance group to secure compensation
through the Injured Workers' Insurance Fund.
(k) If a governmental self-insurance group becomes insolvent, the Uninsured
Employers' Fund shall pay the outstanding obligations of the governmental
self-insurance group for compensation.
Article 95 - Treasurer
22.
(a) Except as provided in subsection (b) of this section or § 22-O of this
article, and subject to § 22F of this article, and notwithstanding any provision of a
local law or ordinance, the governing body of each county and municipal corporation,
each county board of education, and the governing body of each road, drainage,
improvement, construction or soil conservation district or commission in the State, the
Upper Potomac River Commission, and any other political subdivision or body politic
of the State, or their authorized acknowledged agent, are directed, authorized, and
empowered to invest, redeem, sell, exchange and reinvest all unexpended or surplus
money in any fund or account of which they have custody or control in obligations or
repurchase agreements in accordance with § 6-222 of the State Finance and
Procurement Article, or deposit unexpended or surplus money in any federally insured
bank in the State of Maryland or in any federally insured savings and loan association
in the State of Maryland in interest-bearing time deposit or savings accounts, or in
the local government investment pool created in this article. Except as provided in §
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