Bill > SB695

This bill modifies the composition and responsibilities of the Uninsured Employers' Fund Board in Maryland by expanding its membership from three to five members and specifying new requirements for board member expertise. The board will now include two members with substantial experience in property and casualty insurance, one member with substantial experience in accounting or finance, one member who is a workers' compensation insurance policyholder in the state, and one member representing the general public. All board members will continue to be appointed by the Governor with Senate confirmation, serve four-year terms, and can be removed for incompetence or misconduct. Additionally, the bill changes the board's discretionary power regarding reserve establishment to a mandatory requirement, meaning the board must now establish reserves to meet potential losses of the Uninsured Employers' Fund, rather than merely having the option to do so. The changes will take effect on October 1, 2025, ensuring that the board's composition and financial management practices are more precisely defined and strategically structured.

Budget and Finance, Business and Industry

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0695?ys=2025RS