4500

LAWS OF MARYLAND

Ch. 820

transcripts in the circuit courts of the counties [or the
common law courts of Baltimore City].

16.

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

(3) (a) (i) Any employer who does not, with the
approval of 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 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 as are accepted by the [equity courts of] CIRCUIT
COURT FOR 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. The Commission
may require the employer to obtain and file with the
Commission a policy of insurance protecting the employer
against liability for workmen's compensation benefits
resulting from a catastrophe or disaster, other than from an
act of war. If required by the Commission, the policy of
insurance shall be in the amount and shall contain the
provisions as in the judgment of the Commission are required
to provide security for the payment of compensation and
medical treatment. In order to be informed as to the
continued financial responsibility of any employer the
Commission may require reports from him annually or at any
other times as the Commission may deem necessary or
advisable, and may examine the employer under oath or make
other examination of his business as the Commission may
determine. If he should fail to furnish satisfactory proof,
or give bond, or deposit 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, 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 or member of a group of self-insured counties
or municipalities an annual sum of not more than $250 which
shall be used for actuarial studies and audits to determine
the financial solvency.

(iii) For the purpose of this
paragraph "employer" includes groups of counties or
municipalities as prescribed by rules and regulations of the
Commission.