2648

LAWS OF MARYLAND

Ch. 773

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows

Article 101 - Workmen's Compensation

16.

The employer shall secure compensation to his employees
in one of the following ways:

(3) (a) (i) Any [such] employer who does not, with the
approval of [said] THE Commission, voluntarily insure the
payment of the compensation by one of the methods designated
in the preceding paragraphs of this section, must furnish
satisfactory proof to the Commission of his financial
ability to pay [such] THE compensation himself, in which
case the Commission may, at any time and from time to time
in its discretion, require the deposit with the Commission
of securities [such] as are accepted by the equity courts of
Baltimore City for the investment of trust funds and in an
amount or amounts to be determined by the Commission, to
secure the liability of the employer to pay the compensation
specified in this article. [; and the] THE Commission may
require [such] THE employer to obtain and file with the
Commission a policy of insurance protecting [said] THE
employer against liability for workmen's compensation
benefits resulting from a castastrophe or disaster, other
than from an act of war. If required by the Commission,
[such] THE policy of insurance shall be in [such] THE amount
and shall contain [such] THE provisions as in the judgment
of the Commission [shall] be [be] ARE required to provide
security for the payment of compensation and medical
treatment.[; and in] IN order to be informed as to the
continued financial responsibility of any [such] employer
the Commission may require reports from him annually or at
any [such] other times as the Commission may deem necessary
or advisable, and may examine [such] THE employer under oath
or make [such] other examination of his business as the
Commission may determine. If he should fail to furnish
[such] satisfactory proof, or give bond, or deposit [such]
securities as required by the Commission, or if he should at
any time fail to render satisfactory reports to the
Commission or otherwise satisfy the Commission of its
continued financial ability to pay the compensation
[himself], he shall be subject to the provisions of the
first paragraph of this section, and shall be required by
the Commission to insure as provided in the first paragraph
of this section, unless he, at once, insures voluntarily as
provided in the second paragraph of this section.

(ii) The Commission may assess each
self-insurer an annual sum of not more than $250 which shall
be used for actuarial studies and audits to determine the
financial solvency.