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2007 Laws of Maryland
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Ch. 41
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Article - Labor and Employment
9-404.
(a) (1) The Commission shall adopt regulations:
(i) setting procedures and other requirements for a
governmental self—insurance group to establish joint self-insurance coverage; and
(ii) establishing guidelines to govern the
investment of surplus moneys not needed to meet current
obligations in a manner that will ensure solvency of the fund and
timely payment of claims.
(2) Notwithstanding the local government guidelines
set forth in Article 95, § 22 of the Code, the guidelines required by
paragraph (1)(ii) of this subsection shall:
(i) state the types of investment in which moneys
may be invested;
(ii) include guidance for the prudent investment
of moneys based on claim experience, cash flow projections, income,
liquidity, investment ratings, and risk;
(iii) authorize investments of moneys in equities,
provided that investments do not exceed 30 percent of the surplus
moneys;
(iv) provide that moneys not invested in equities
shall be invested in accordance with article 95, § 22 of the code;
and
(v) prohibit borrowing of funds for the express
purpose of investing those funds.
(b) (1) Subject to paragraph (2) of this subsection, a governmental
self-insurance group may be formed by any combination of:
(i) counties;
(ii) municipal corporations;
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