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§ 24-310. Use of minority business enterprises in brokerage and investment services

West's Annotated Code of MarylandInsuranceEffective: July 1, 2019

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: July 1, 2019
MD Code, Insurance, § 24-310
§ 24-310. Use of minority business enterprises in brokerage and investment services
Currentness
In general
(a) Consistent with minority business purchasing standards applicable to units of State government under the State Finance and Procurement Article and consistent with the fiduciary duties of the Board, the Board shall attempt to use to the greatest extent feasible minority business enterprises to provide brokerage and investment management services to the Board.
Scope of brokerage and investment management services
(b) For purposes of this section, brokerage and investment management services shall include services relating to all allocated asset classes.
Removal of barriers that limit participation by minority business enterprises
(c)(1) To assist the Board in achieving the goal described under subsection (a) of this section, the Board shall undertake measures to remove any barriers that limit full participation by minority business enterprises in brokerage and investment management services opportunities afforded by the Company.
(2) The measures undertaken by the Board shall include the use of a wide variety of media, including the Board's Web site, to provide notice to a broad and varied range of potential providers about the brokerage and investment management services opportunities afforded by the Company.
Guidelines to identify and evaluate qualified minority business enterprises
(d) In conjunction with the Governor's Office of Small, Minority, and Women Business Affairs, the Board shall develop guidelines to assist it in identifying and evaluating qualified minority business enterprises in order to help the Company achieve the objective for greater use of minority business enterprises for brokerage and investment management services.
Reporting requirements
(e) On or before September 1 each year, the Board shall submit a report to the Governor's Office of Small, Minority, and Women Business Affairs and, in accordance with § 2-1257 of the State Government Article, the General Assembly on:
(1) the identity of the minority business enterprise brokerage and investment management services firms used by the Board in the immediately preceding fiscal year;
(2) the percentage and dollar value of the Company assets that are under the investment control of minority business enterprise brokerage and investment management services firms; and
(3) the measures the Board undertook in the immediately preceding fiscal year in accordance with subsection (c)(2) of this section.

Credits

Added by Acts 2012, c. 570, § 1, eff. Oct. 1, 2012. Amended by Acts 2017, c. 633, § 1, eff. June 1, 2017; Acts 2017, c. 634, § 1, eff. June 1, 2017; Acts 2019, c. 8, § 5.
MD Code, Insurance, § 24-310, MD INSURANCE § 24-310
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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