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PARRIS N. GLENDENING, Governor
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H.B. 537
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 2002.
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May 16, 2002
The Honorable Casper R. Taylor, Jr.
Speaker of the House
State House
Annapolis MD 21401
Dear Mr. Speaker:
In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed House Bill 537 - Injured Workers' Insurance Fund - Phase-In of Regulatory
Requirements.
This bill subjects the Injured Workers' Insurance Fund (IWIF) to additional
regulation by the Maryland Insurance Administration (MIA) and provides for a
phase-in of risk-based capital (RBC) standards for IWIF. The bill also requires the
Insurance Commissioner to report on IWIF's RBC level.
Senate Bill 371, 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 537.
Sincerely,
Parris N. Glendening
Governor
House Bill No. 537
AN ACT concerning
Injured Workers' Insurance Fund - Phase-In of Regulatory Requirements
FOR the purpose of subjecting the Injured Workers' Insurance Fund to certain
provisions of the Insurance Article; requiring the Insurance Commissioner to
ensure that the Fund has a certain level of excess capital; establishing a certain
phase-in schedule for the Fund to comply with certain excess capital
requirements; establishing the applicability of certain sections of the Insurance
Article to the Fund; requiring certain reports under certain circumstances;
allowing the Fund to exclude premium growth from residual market business in
a risk based capital calculation under certain circumstances; 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 2001 Supplement)
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