WILLIAM DONALD SCHAEFER, Governor                   Ch. 645

compensation obligations with an authorized insurer under an
agreement filed with and approved in writing by the Commissioner.

(ii) The obligations under this paragraph shall
include both known claims and associated expenses, and claims
incurred but not reported and associated expenses.

(iii) Subject to the approval of the
Commissioner, a group may merge with another group engaged in the
same or similar type of business only if the resulting group
assumes all obligations of the merging groups. The Commissioner
shall hold a hearing on the merger if requested to do so by any
party including a member of either group.

SECTION 3. AND BE IT FURTHER ENACTED, That the present
members of the Uninsured Employers' Fund Board shall serve the
remainder of their terms as members of the Workers' Guaranty Fund
Board.

SECTION 4. AND BE IT FURTHER ENACTED, That the Workers'
Guaranty Fund is the successor to the Uninsured Employers' Fund
and has all the rights, powers, duties, and obligations of the
former Uninsured Employers' Fund except as otherwise provided in
this Act.

SECTION 2. AND BE IT FURTHER ENACTED, That Article 48A 101,
Section 91(d)(4) as enacted by this Act shall take effect July 1,
1987 and shall remain in effect for a period of 2 years and, at
the end of June 30, 1989, with no further action required by the
General Assembly, Article 48A-101, Section 91(d)(4) as enacted
by this Act shall be abrogated and of no further force and
effect.

SECTION 5 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1987.

Approved June 2, 1987.

- 3037 -