Maryland Code, INSURANCE 24-311
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Terms Used In Maryland Code, INSURANCE 24-311
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- including: means includes or including by way of illustration and not by way of limitation. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Personal property: All property that is not real property.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(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.