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Ch. 42
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2007 Laws of Maryland
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(i) (1) To be informed of the continuing financial responsibility of each
governmental self-insurance group, the Commission:
(i) shall require each governmental self-insurance group to
submit a report at least once each year; and
(ii) may examine the governmental self-insurance group under
oath and make other examination of the business of the governmental self—insurance
group.
(2) Each year, the Commission shall assess each governmental
self-insurance group an amount not exceeding $1,500 to be used for actuarial studies
and audits.
0) (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
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22.
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- 854 -
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