§ 24-306. Authorized insurer

   (a) In general. -- The Company:

   (1) shall be an authorized insurer; and

   (2) on and after October 1, 2013, shall be the workers' compensation insurer of last resort for employers covered under Title 9 of the Labor and Employment Article.

(b) Workers' compensation insurer. -- 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) Conditions for cancelling, refusing to renew or issue a policy. -- 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; or

   (3) failure to cooperate in any payroll audit conducted by the Fund or the Company.

(d) Business of workers' compensation insurance. -- The Company may engage only in the business of workers' compensation insurance in accordance with State law.

HISTORY: 2012, ch. 570, § 1.