Ch. 6

LAWS OF MARYLAND

(c) Subject to approval or disapproval under subsection (b)
of this section, a workers' compensation rating organization
shall file with the Commissioner:

(1)  Workers' compensation rates and rating plans that
are limited to provision for claim payment;

(2)  Each [worker's] WORKERS' compensation policy form
to be used by its members or subscribers;

(3)  The uniform classification;

(4)  The uniform experience rating plan and rules; and

(5)  Any other information that the Commissioner
requests and is otherwise entitled to receive under this
subtitle.

DRAFTER'S NOTE:

Error: Misplaced apostrophe in Article 48A, §
244Y(c).

Occurred: Ch. 590, Acts of 1987.

270.

(b) The Commissioner shall not approve any such plan or
procedure unless:                                                                         

(1)  It is equitable to the insurer's members;

(2)  It is subject to approval by vote of not less
than three-fourths of the insurer's current members voting
thereon in person, by proxy, or by mail at a meeting, of members
called for the purpose pursuant to such reasonable notice and
procedure as may be approved by the Commissioner; if a life
insurer, right to vote may be limited to members who hold
policies other than term or group policies, and whose policies
have been in force for not less than one year;

(3)  The equity of each policyholder in the insurer is
determinable under a fair formula approved by the Commissioner,
which such equity shall be based upon not less than the insurer's
entire surplus (after deducting contributed or borrowed surplus
funds) plus a reasonable present equity in its reserves and in
all nonadmitted assets;

(4)  The policyholders entitled to participate in the
purchase of stock or distribution of assets shall include all
current policyholders and all existing persons who had been [a

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