§ 24-306
252 words·~1 min read·
/md/insurance/24-306A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§24–306.
(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.