§ 24-304. Certificate of authority

   (a) Application. -- 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) Approval and issuance. -- 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) Powers, privileges, and immunities. -- 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) Examination and regulation. -- 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.

(e) Member of Property and Casualty Insurance Guaranty Corporation. -- The Company is a member of the Property and Casualty Insurance Guaranty Corporation.

HISTORY: 2012, ch. 570, § 1.