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H.B. 538
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VETOES
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(II) THE STATUS REPORT SHALL STATE WHETHER THE ANNUAL
RESULTS MEET OR EXCEED THE RESULTS PROJECTED IN THE RISK BASED CAPITAL
PLAN AND SHALL DESCRIBE ANY APPROPRIATE MODIFICATION OR ADJUSTMENT TO
THE PLAN; AND
(3) IF THE FUND'S RISK BASED CAPITAL EQUALS OR EXCEEDS 100% OF
THE COMPANY ACTION LEVEL REQUIRED UNDER TITLE 4, SUBTITLE 3 OF THE
INSURANCE ARTICLE, THE FUND MAY NOT BE REQUIRED TO FILE A RISK BASED
CAPITAL PLAN FOR THAT YEAR
(F) THE FUND MAY EXCLUDE PREMIUM GROWTH ASSOCIATED WITH THE
RESIDUAL MARKET BUSINESS IN ANY RISK BASED CAPITAL CALCULATION IF THE
INSURANCE COMMISSIONER APPROVES THE DEFINITION OF RESIDUAL BUSINESS
USED BY THE FUND.
Chapter 567 of the Acts of 2000
SECTION 2. AND BE IT FURTHER ENACTED, That the Insurance
Commissioner shall examine the financial condition of the Injured Workers'
Insurance Fund and ensure that the Fund satisfies the solvency standards for a
workers' compensation insurer in this State AND HAS CAPITAL IN EXCESS OF THE
AMOUNT THAT WOULD TRIGGER A COMPANY ACTION LEVEL EVENT UNDER § 4-305
OF THE INSURANCE ARTICLE, before the Fund may become a member of the Property
and Casualty Insurance Guaranty Corporation.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 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 538 - Election Laws - Study Commission on Public Funding of
Campaigns in Maryland.
This bill establishes a 15-member Study Commission on Public Funding of
Campaigns in Maryland. The commission is required to: (1) collect information
regarding public funding of State legislative campaigns in other jurisdictions in the
U.S.; (2) identify the changes in the State election code necessary for public funding of
State campaign; (3) analyze current practices in Maryland relating to the financing of
campaigns; (4) receive testimony where suitable; and (5) if appropriate, propose
recommendations for a public campaign financing system in Maryland.
Senate Bill 471, 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 538.
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- 5162 -
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