Md. Code Regs. 14.09.14.04 - Reports to the Commission
A.
Reports as to financial standing, payroll records, insurance coverage, accident
experience, compensation payments, and such other reports as are required to be
filed shall be made at the following times and in the following manner:
(1) Each fund shall file a statement of
financial condition annually prepared by a certified public accounting firm.
The financial statement shall show evidence that the fund has surplus
sufficient to pay 1 year of estimated claim payments.
(2) Summary loss data shall be filed on each
fund member within 60 days after the annual evaluation date of the losses being
reported, in a manner as prescribed. Full actuarial reports and loss runs shall
be provided annually. The Commission may request these reports more
frequently.
(3) Classified,
audited, and properly limited payrolls on each fund member shall be submitted
on an annual basis or upon special request on forms prescribed.
(4) A certified copy of the minutes of all
trustee meetings shall be submitted by the fund administrator within 30 days of
approval but not less than 45 days after the meeting date.
(5) Members of a governmental self-insurers'
group shall be subject to an experience rating plan for the purpose of
determining the modified insurance rate to develop compensation premiums. The
experience rating formula promulgated by the National Council on Compensation
Insurance or other formula approved by the group and the Commission shall be
used in determining the modified premium. Annually, or as otherwise prescribed,
the modified premium for each member shall be approved by the
trustees.
(6) The trustees of any
governmental group fund may apply a penalty rate in excess of the normal
premium to any risk with an unfavorable loss experience, provided the members
and the Commission are notified in writing before the effective date of the
change in rates.
B. Any
fund which fails or refuses to file the above reports within the time limits
prescribed in these regulations or whose filed reports indicate the fund is not
operating in accordance with these regulations shall be notified that its
authority to be self-insured shall be terminated and the grounds for the
termination. The fund may request a hearing in accordance with the
regulation.
Notes
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