H.B. 418                                                 VETOES

(3) is subject to, and conducts its operations within the State in
compliance with, the laws of the state in which its principal place of business is
located.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2003.

May 22, 2003

The Honorable Michael E. Busch
Speaker of the House
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, today I have
vetoed House Bill 418 - Injured Workers' Insurance Fund - Risk Based Capital -
Exemption from Excessive Premium Growth Charge.

This bill exempts the Injured Workers' Insurance Fund from the excessive premium
growth charge or other penalty associated with premium growth in any risk based
capital calculation. Additionally the bill provides for the termination of a specified
exemption.

Senate Bill 85, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign House
Bill 418.

Sincerely,

Robert L. Ehrlich, Jr.

Governor

House Bill No. 418

AN ACT concerning

Injured Workers' Insurance Fund - Risk Based Capital - Exemption from
Excessive Premium Growth Charge

FOR the purpose of exempting the Injured Workers' Insurance Fund from the
excessive premium growth charge or other penalty associated with premium
growth in any risk based capital calculation; providing for the termination of a
certain exemption; providing for a delayed effective date for certain provisions of
this Act; and generally relating to the Injured Workers' Insurance Fund.

BY repealing and reenacting, with amendments,
Article - Labor and Employment
Section 10-125
Annotated Code of Maryland
(1999 Replacement Volume and 2002 Supplement)

- 3616 -