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H.B. 537 VETOES
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BY repealing and reenacting, with amendments,
Chapter 567 of the Acts of the General Assembly of 2000
Section 2
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Labor and Employment
10-125.
(a) Except as provided in subsection (b) of this section, the Fund shall be:
(1) examined by the Commissioner in accordance with §§ 2-205 and
2-207 through 2-209 of the Insurance Article; and
(2) subject to the following provisions of the Insurance Article:
(i) Title 4, Subtitle 3 (Risk Based Capital Standards for Insurers)
AS PROVIDED IN SUBSECTION (D) OF THIS SECTION;
(ii) Title 5, Subtitles 1, 2, 4, and 9 (Assets and Liabilities, Reserves,
VALUATION OF ASSETS, and Reinsurance); [and]
(iii) Title 9 (Impaired Entities); AND
(IV) §§ 3-124 (BULK REINSURANCE - STOCK INSURERS), 4-115 (HOME
OFFICE; LOCATION OF ACCOUNTING RECORDS AND ASSETS), 4-116 (ANNUAL AND
INTERIM STATEMENTS; AUDITED FINANCIAL REPORTS), AND 4-118 (QUALIFIED
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS).
(b) (1) The Commissioner may not take any action to enforce any provision
of the Insurance Article to which the Fund is subject under subsection (a) of this
section except:
(i) the Commissioner may issue an order under Title 9 (Impaired
Entities) of the Insurance Article; and
(ii) the Commissioner may take action authorized under §§ 4-305,
4-306, 4-307, and 4-308 of the Insurance Article relating to risk based capital
standards for insurers.
(2) Any order issued under this subsection:
(i) may not include a requirement that the Fund increase rates;
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and
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(ii) shall be subject to Title 2, Subtitle 2, of the Insurance Article.
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(3) The Commissioner shall report to the Board on the results of any
examination conducted under subsection (a)(1) of this section.
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(c) (1) The Commissioner may examine or review the Fund for compliance
with:
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- 5160 -
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