Maryland Code, INSURANCE 25-305
Terms Used In Maryland Code, INSURANCE 25-305
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) There is a Self-Insurers’ Guaranty Fund.
(c) The Uninsured Employers’ Fund established under § 10-304 of the Labor and Employment Article shall administer the Self-Insurers’ Guaranty Fund.
(d) Each self-insurance group shall pay an assessment into the Self-Insurers’ Guaranty Fund at the same level assessed against other workers’ compensation insurers by the Property and Casualty Insurance Guaranty Corporation under Title 9, Subtitle 3 of this article.
(e) (1) The Self-Insurers’ Guaranty Fund shall pay any outstanding obligations of a self-insurance group that becomes insolvent.
(2) If the Self-Insurers’ Guaranty Fund becomes insolvent, any outstanding obligations of an insolvent self-insurance group are a joint and several liability of each member of the self-insurance group.