PARRIS N. GLENDENING, Governor

Ch. 35

"Pool" § 15-1201
"Premium" § 1-101
"Reinsuring carrier" § 15-1201
"Small employer" § 15-1201

15-1222. REPORTS; AUDITS.

(A) REPORTS.

(1) THE BOARD SHALL REPORT TO THE COMMISSIONER ON OR BEFORE
JUNE 1 OF EACH YEAR.

(2) AT A MINIMUM, THE REPORT SHALL INCLUDE:

(I) A DESCRIPTION OF THE OPERATIONS OF THE POOL FOR THE
PRECEDING CALENDAR YEAR;

(II) AN AUDITED STATEMENT OF THE FINANCIAL CONDITION OF
THE POOL AS OF THE PRECEDING DECEMBER 31; AND

(III) AN AUDITED DETAILED STATEMENT OF THE REVENUES
RECEIVED AND EXPENDITURES OF THE POOL MADE DURING THE PRECEDING
CALENDAR YEAR.

(B) AUDITS.

THE OPERATIONS OF THE BOARD ARE SUBJECT TO AN ANNUAL AUDIT BY AN
INDEPENDENT AUDITOR, AND THE AUDIT REPORT AND WORKING PAPERS ARE
SUBJECT TO REVIEW BY THE LEGISLATIVE AUDITOR.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 711.

In subsection (a)(1) of this section, the reference to "on or before" June 1 is
substituted for the former reference to "on" June 1 because the General
Assembly could not have intended that the report be made only on that day.

In subsection (a)(2)(iii) of this section, the reference to revenues "received" is
added for clarity.

Defined terms: "Board" § 15-1201
"Commissioner" § 1-101
"Pool" § 15-1201

15-1223. IMMUNITY OF POOL AND REINSURING CARRIERS.

PARTICIPATION IN THE POOL AS REINSURING CARRIERS, ESTABLISHMENT OF
RATES, FORMS, OR PROCEDURES, OR ANY OTHER JOINT OR COLLECTIVE ACTION
REQUIRED BY §§ 15-1218, 15-1219, AND 15-1221 OF THIS SUBTITLE MAY NOT BE THE
BASIS OF ANY LEGAL ACTION, CRIMINAL OR CIVIL LIABILITY, OR PENALTY AGAINST
THE POOL OR ANY OF ITS REINSURING CARRIERS EITHER JOINTLY OR SEPARATELY.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 709(e).

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