Home Table of Contents

§ 24-311. Transfer of Fund functions, powers, duties, assets, and property to Company

West's Annotated Code of MarylandInsuranceEffective: October 1, 2012

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 24. State Created Mutual Societies and Other Entities (Refs & Annos)
Subtitle 3. Chesapeake Employers' Insurance Company (Refs & Annos)
Effective: October 1, 2012
MD Code, Insurance, § 24-311
§ 24-311. Transfer of Fund functions, powers, duties, assets, and property to Company
Currentness
In general
(a) Except as provided in subsections (b) and (c) of this section, on October 1, 2013, all the functions, powers, duties, assets, real and personal property, accounts, liabilities, contracts, and obligations of the Fund shall be irrevocably transferred to the Company, including liability for all claims, whether known or unknown, arising out of any insurance policy previously issued by the Fund.
Administration of Self-Insured Workers’ Compensation Program for State Employees
(b) Any contract or agreement with the State for the third party administration of the State's Self-Insured Workers' Compensation Program for State Employees may not be transferred or assigned to the Company until the Fund no longer has employees.
Retention of assets to perform duties
(c) The Fund shall retain those assets necessary to perform its duties under Title 10 of the Labor and Employment Article.

Credits

Added by Acts 2012, c. 570, § 1, eff. Oct. 1, 2012.
MD Code, Insurance, § 24-311, MD INSURANCE § 24-311
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document