2696

LAWS OF MARYLAND

Ch. 715

(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 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 group of self-insured counties or municipalities
an annual sum of not more than $500 which shall be used for
actuarial studies and audits to determine the financial solvency.

(iii) For the purpose of this paragraph
"employer" includes a group of counties, a group of
municipalities, or a group composed of both counties and
municipalities as prescribed by rules and regulations of the
Commission.

(iv) 1. The Workmen's Compensation Commission
shall develop rules and regulations prescribing requirements and
procedures for groups of counties, groups of municipalities, or
groups composed of both counties and municipalities seeking to
establish joint self-insurance coverage. However, to qualify as
a group for purposes of this section a group must prove to the
satisfaction of the Commission that it would receive annual gross
premiums in an amount of not less than $250,000.