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§ 24-306. Status of company as authorized insurer and insurer of last resort

West's Annotated Code of MarylandInsuranceEffective: October 1, 2015

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, 2015
MD Code, Insurance, § 24-306
§ 24-306. Status of company as authorized insurer and insurer of last resort
Currentness
In general
(a) The Company:
(1) shall be an authorized insurer; and
(2) on and after October 1, 2013, as a condition of being an authorized insurer, shall be the workers' compensation insurer of last resort for employers covered under Title 9 of the Labor and Employment Article.
Fund as workers’ compensation insurer of last resort
(b) Before October 1, 2013, the Fund shall serve as the workers' compensation insurer of last resort for workers' compensation insurance and as a competitive workers' compensation insurer under the same terms and conditions as the Fund served before October 1, 2012.
Cancellation or refusal to renew or issue policy
(c) The Company may not cancel or refuse to renew or issue a policy except for:
(1) nonpayment of a premium for current or prior policies issued by the Fund or the Company;
(2) failure to provide payroll information to the Fund or the Company;
(3) failure to cooperate in any payroll audit conducted by the Fund or the Company; or
(4) failure to reimburse the Company under a policy with deductibles as required under § 19-404 of this article.
Business of workers’ compensation insurance only
(d) The Company may engage only in the business of workers' compensation insurance in accordance with State law.
Establishment, ownership, or acquisition of a subsidiary
(e) Subject to the requirements of Title 7 of this article, the Company may establish, own, or acquire a subsidiary for any lawful purpose if the subsidiary:
(1) is, or after acquisition will be, wholly owned by the Company;
(2) engages in a business activity that is ancillary to the workers' compensation insurance business; and
(3) is operated for the purpose of benefiting the Company.

Credits

Added by Acts 2012, c. 570, § 1, eff. Oct. 1, 2012. Amended by Acts 2014, c. 4, § 1, eff. April 8, 2014; Acts 2015, c. 36, § 1, eff. Oct. 1, 2015.
MD Code, Insurance, § 24-306, MD INSURANCE § 24-306
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.
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