§ 24-306

Maryland § 24-306

• Jurisdiction: Maryland
• Article gin: Insurance
• Title: 24

Text

(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.

(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.

(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.

(d) The Company may engage only in the business of workers’ compensation insurance in accordance with State law.

(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.