§ 24-302. Legislative findings
West's Annotated Code of MarylandInsuranceEffective: October 1, 2015
Effective: October 1, 2015
MD Code, Insurance, § 24-302
§ 24-302. Legislative findings
The General Assembly finds and determines that:
(3) since its creation, the Fund was permitted to compete with the private insurance market; however, the Fund did not become an effective competitive insurer until the General Assembly exempted the Fund from most laws that apply to State government agencies and required the Fund to be a regulated insurer;
(7) converting the Fund into a private, nonstock, nonprofit insurer would provide assurance to Maryland employers that the financial success of the Fund would inure to their benefit as policyholders through dividends and lower rates and that surplus funds could not be transferred to the State's General Fund;
(ii) the interests of employees of the Fund would further be satisfied by ensuring that current long-term State employees who remain State employees of the Fund after the conversion of the Fund to a private, nonstock, nonprofit insurer shall remain in the State retirement system and, therefore, would not be unfairly penalized by being prematurely forced out of the State retirement system due to the conversion; and
Credits
Added by Acts 2012, c. 570, § 1, eff. Oct. 1, 2012. Amended by Acts 2015, c. 36, § 1, eff. Oct. 1, 2015.
MD Code, Insurance, § 24-302, MD INSURANCE § 24-302
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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