reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  24-212 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 2 - Medical Mutual Liability Insurance Society of Maryland|Section 24-212 - Excess Surplus; Rate Reduction

    (a)    If the Society requests a rate increase of more than 7.5% and, at the time of the rate filing, the Society’s surplus is more than 500% of its authorized control level risk-based capital, the Commissioner may determine whether the Society’s surplus is excessive.    (b)    If, after a hearing, the Commissioner determines that the surplus is excessive, the Commissioner may order the rates filed to be reduced.
MD. Insurance Code Ann. §  24-213 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 2 - Medical Mutual Liability Insurance Society of Maryland|Section 24-213 - Annual Audits

    (a)    The Legislative Auditor shall conduct a fiscal and compliance audit of the accounts and transactions of the Society for each year in which the Society receives a disbursement from the Rate Stabilization Account under § 19–805 of this article.    (b)    Within one year of the date of an audit report required under subsection (a) of this section, the Legislative Auditor shall conduct a follow–up audit to determine the status of any audit recommendations.    (c)    The Society shall pay the cost of each audit.
MD. Insurance Code Ann. §  24-214 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 2 - Medical Mutual Liability Insurance Society of Maryland|Section 24-214 - Commissions

    For policies that take effect on or after January 11, 2005 and through December 31, 2009, the Society may not pay a commission at a rate that exceeds 5% of the premium.
MD. Insurance Code Ann. §  24-301 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-301 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Board” means the Board for the Chesapeake Employers’ Insurance Company.    (c)    “Company” means the Chesapeake Employers’ Insurance Company.    (d)    “Fund” means the Injured Workers’ Insurance Fund established under Title 10 of the Labor and Employment Article.
MD. Insurance Code Ann. §  24-302 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-302 - Legislative Findings

    The General Assembly finds and determines that:        (1)    employers’ access to affordable workers’ compensation insurance is of utmost importance to the economy of the State;        (2)    the Fund has been the State’s insurer of last resort for workers’ compensation insurance since 1914;        (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;        (4)    the most effective way to ensure that Maryland’s workers’ compensation system remains stable and affordable is to encourage and create as much competition in the marketplace as possible;        (5)    the long–term competitive success of the Fund would be enhanced if the final barriers to full competition were eliminated by converting the Fund into a fully competitive, fully regulated, private insurer;        (6)    converting the Fund into a private, nonstock, nonprofit insurer would level the competitive playing field for all workers’ compensation insurers operating in the State;        (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;        (8)    the interests of the State would be protected if the Fund’s statutory purpose of insurer of last resort for workers’ compensation insurance is preserved and the Governor retains the right to appoint two members of the board of the new company;        (9)    (i)    the interests of the employees of the Fund would be satisfied by ensuring that current employees have the option to remain State employees of the Fund after the conversion of the Fund to a private, nonstock, nonprofit insurer; and            (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        (10)    the interests of the residents of the State, both employers and employees, will be best met by converting the Fund into a private, nonstock, nonprofit, fully regulated, competitive insurer.
MD. Insurance Code Ann. §  24-303 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-303 - Chesapeake Employers' Insurance Company

    (a)    There is a Chesapeake Employers’ Insurance Company.    (b)    The Company shall be:        (1)    a private, nonprofit, nonstock  corporation organized under State law; and        (2)    subject to the applicable provisions of the Corporations and Associations Article as a nonstock  corporation.    (c)    Before  October 1, 2013, the Company shall:        (1)    file articles of incorporation under the Corporations and Associations Article; and        (2)    take all steps necessary to be a private, nonprofit, nonstock corporation organized under State law.
MD. Insurance Code Ann. §  24-304 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-304 - Certificate of Authority

    (a)    Before October 1, 2013, the Company shall:        (1)    file an application for a certificate of authority under this article and a statement of the risk–based capital levels of the Company as of the date of the application prepared in accordance with § 4–303 of this article; and        (2)    take all steps necessary to be an authorized domestic insurer under State law.    (b)    On approval of the application for a certificate of authority, the Commissioner shall issue to the Company a certificate of authority that authorizes the Company to issue policies under Title 9 of the Labor and Employment Article.    (c)    Except as otherwise provided in this subtitle, the Company has the powers, privileges, and immunities granted by and is subject to the provisions applicable to insurers authorized to write workers’ compensation insurance under this article.    (d)    The Company may issue policies for:        (1)    employer’s liability insurance; and        (2)    insurance under a federal compensation law.    (e)    Except as otherwise provided in this subtitle, the Company shall be:        (1)    authorized, examined, and regulated by the Commissioner in the same manner and to the same extent as other authorized property and casualty insurers; and        (2)    subject to each provision of this article that is applicable to other authorized property and casualty insurers.    (f)    The Company is a member of the Property and Casualty Insurance Guaranty Corporation.
MD. Insurance Code Ann. §  24-305 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-305 - Schedule of Premium Rates

    ** IN EFFECT UNTIL JANUARY 1, 2023 PER CHAPTER 36 OF 2015 **    (a)    The Company is not subject to Title 11 of this article.    (b)    The Board shall:        (1)    adopt a schedule of premium rates in accordance with sound actuarial practices; and        (2)    ensure that the rates are not excessive, inadequate, or unfairly discriminatory.    (c)    (1)    The Board shall determine the schedule of premium rates by:            (i)    classifying all of the policyholders of the Company on the basis of the respective level of hazard of their enterprises; and            (ii)    setting a premium rate for each class on the basis of:                1.    its level of hazard; and                2.    incentives to prevent injuries to employees.        (2)    To determine the schedule of premium rates, the Board shall use the rating system that, in the opinion of the Board:            (i)    most accurately measures the level of hazard for each policyholder on the basis of the number of injuries that occur in the enterprises of the policyholder;            (ii)    encourages the prevention of injuries; and            (iii)    ensures the solvency of the Company from year to year.        (3)    The Board may set minimum premium rates for policies issued by the Company.    (d)    The Commissioner shall review the Company’s rates as part of an examination under § 2–205 of this article to determine whether the Company’s rate making practices produce actuarially sound rates.
MD. Insurance Code Ann. §  24-306 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-306 - Authorized Insurer

    (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.
MD. Insurance Code Ann. §  24-307 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-307 - Board

    (a)    (1)    There is a Board for the Chesapeake Employers’ Insurance Company.        (2)    The Board shall manage the business and affairs of the Company as a private, nonprofit corporation in accordance with State law.    (b)    (1)    The Board shall consist of nine members, of which:            (i)    two members shall be appointed by the Governor; and            (ii)    subject to paragraph (3) of this subsection, seven members shall be appointed by the policyholders of the Company under procedures provided in the bylaws of the Board.        (2)    To the extent practicable, the Board shall reflect the geographic and demographic, including race and gender, diversity of the State.        (3)    Of the seven members appointed by the policyholders:            (i)    two members shall have substantial experience as officers or employees of an insurer, but may not be employed by an insurer that is in direct competition with the Company while serving on the Board;            (ii)    one member shall be a policyholder of the Company;            (iii)    one member shall have significant experience in the investment business;            (iv)    one member shall have significant experience in the accounting or auditing field; and            (v)    one member shall have significant experience as a representative, employee, or member of a labor union.    (c)    Each member shall be a resident of the State.    (d)    (1)    The term of a member is 5 years.        (2)    The terms of members are staggered as required by the terms provided for members of the Board for the Fund on October 1, 2015.        (3)    At the end of a term, a member continues to serve until a successor is appointed and qualifies.        (4)    A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.        (5)    A member may not serve for more than:            (i)    two full terms; or            (ii)    a total of 10 years.    (e)    (1)    The Governor may remove a member appointed by the Governor for incompetence or misconduct.        (2)    (i)    The policyholders may remove a member appointed by the policyholders at any time, with or without cause, by the affirmative vote of a majority of all of the votes entitled to be cast generally in the election of directors.            (ii)    The Commissioner may remove a member appointed by the policyholders for incompetence, misconduct, or malfeasance after notice and opportunity for a hearing under §§ 2–210 through 2–214 of this article.    (f)    The Board shall adopt rules, bylaws, and procedures.
MD. Insurance Code Ann. §  24-308 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-308 - Policyholder Dividend

    (a)    Subject to subsection (b) of this section, the Board may declare a policyholder dividend in the form of a cash refund or credit to:        (1)    a policyholder based on the actual loss ratio that is better than the loss ratio used to calculate the policyholder’s premium; or        (2)    all policyholders whose loss ratio contributed to the Company’s surplus for that year.    (b)    (1)    The Board may not issue a policyholder dividend under subsection  (a)(2) of this section unless the Commissioner has approved the policyholder dividend.        (2)    In determining whether to approve the policyholder dividend under paragraph (1) of this subsection, the Commissioner shall consider:            (i)    the Company’s surplus;            (ii)    material changes in premium rates, claims, market share, or types of insured risks;            (iii)    the methodology the Board used to determine that policyholders are eligible for the policyholder dividend; and            (iv)    any other factor the Commissioner considers relevant.
MD. Insurance Code Ann. §  24-309 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-309 - Legal Status of Company

    (a)    The Company is not and may not be deemed to be a department, unit, agency, or instrumentality of the State for any purpose.    (b)    Employees of the Company are not:        (1)    employees of the State; or        (2)    members of the State Retirement and Pension System.    (c)    All debts, claims, obligations, and liabilities of the Company, whenever incurred, shall be the debts, claims, obligations, and liabilities of the Company only and not of the State or the State’s departments, units, agencies, instrumentalities, officers, or employees.    (d)    (1)    Money of the Company is not part of the General Fund of the State.        (2)    The State may not budget for or provide General Fund appropriations to the Company.        (3)    The debts, claims, obligations, and liabilities of the Company are not a debt of the State or a pledge of the credit of the State.
MD. Insurance Code Ann. §  24-310 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-310 - Brokerage and Investment Management Services

    (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.    (b)    For purposes of this section, brokerage and investment management services shall include services relating to all allocated asset classes.    (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.    (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.    (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.
MD. Insurance Code Ann. §  24-311 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-311 - Transfers to Company

    (a)    Except as provided in  subsections (b) and (c) of this section, on  October 1, 2013, all the functions, powers, duties, assets, real and personal property, accounts, liabilities, contracts, and obligations of the Fund shall be irrevocably transferred to the Company, including liability for all claims, whether known or unknown, arising out of any insurance policy previously issued by the Fund.    (b)    Any contract or agreement with the State for the third party administration of the State’s Self–Insured Workers’ Compensation Program for State Employees may not be transferred or assigned to the Company until the Fund no longer has employees.    (c)    The Fund shall retain those assets necessary to perform its duties under Title 10 of the Labor and Employment Article.
MD. Insurance Code Ann. §  24-312 (2021)
2021 Maryland Statutes|Insurance|Title 24 - State Created Mutual Societies and Other Entities|Subtitle 3 - Chesapeake Employers' Insurance Company|Section 24-312 - Prohibitions

    The Company may not:        (1)    be converted to a mutual or stock company;        (2)    be sold; or        (3)    be dissolved.
MD. Insurance Code Ann. §  25-104 (2021)
2021 Maryland Statutes|Insurance|Title 25 - Alternative Market Mechanisms|Subtitle 1 - Maryland Risk Retention Act|Section 25-104 - Insurance Insolvency Guaranty Funds

    (a)    (1)    A risk retention group may not join or contribute financially to an insurance insolvency guaranty fund or similar mechanism in the State.        (2)    A risk retention group and its insureds may not receive a benefit from an insurance insolvency guaranty fund or similar mechanism for claims arising out of the operations of the risk retention group.    (b)    (1)    When a purchasing group obtains insurance that covers the risks of its members from an unauthorized insurer or from a risk retention group, the risks, whether resident or located, may not be covered by an insurance insolvency guaranty fund or similar mechanism in the State.        (2)    When a purchasing group obtains insurance that covers the risks of its members from an authorized insurer, only risks resident or located in the State shall be covered by the Property and Casualty Insurance Guaranty Corporation under Title 9, Subtitle 3 of this article.
MD. Insurance Code Ann. §  25-105 (2021)
2021 Maryland Statutes|Insurance|Title 25 - Alternative Market Mechanisms|Subtitle 1 - Maryland Risk Retention Act|Section 25-105 - Countersignature of Policy

    A policy issued to a risk retention group or a member of that risk retention group may not be required to be countersigned.
MD. Insurance Code Ann. §  25-107 (2021)
2021 Maryland Statutes|Insurance|Title 25 - Alternative Market Mechanisms|Subtitle 1 - Maryland Risk Retention Act|Section 25-107 - Insurance Producers

    (a)    A person must obtain a license from the Commissioner before the person acts or offers to act as an insurance producer for a risk retention group or purchasing group that solicits members, sells insurance coverage, purchases coverage for its members that are located in the State, or otherwise does business in the State.    (b)    (1)    Each insurance producer acting on behalf of a risk retention group or purchasing group shall keep a complete and separate record of all policies procured from or on behalf of the risk retention group or purchasing group.        (2)    The records required by paragraph (1) of this subsection shall be open to inspection by the Commissioner in accordance with § 2-206 of this article.        (3)    The records required by paragraph (1) of this subsection shall include:            (i)    the limits of liability;            (ii)    the policy period;            (iii)    the effective date of the policy;            (iv)    the name of the insurer that issued the policy;            (v)    the gross premium charged;            (vi)    the name of the purchasing group that purchased the policy, if applicable; and            (vii)    the amount of any return premiums.
MD. Insurance Code Ann. §  25-108 (2021)
2021 Maryland Statutes|Insurance|Title 25 - Alternative Market Mechanisms|Subtitle 1 - Maryland Risk Retention Act|Section 25-108 - Powers of Commissioner

    (a)    The Commissioner may exercise any powers granted by this article to enforce the laws of the State if the powers are not specifically preempted by the federal Product Liability Risk Retention Act of 1981 as amended by the risk retention amendments of 1986.    (b)    The Commissioner may adopt regulations relating to risk retention groups to carry out this subtitle.