Sec. 14.09.13.05. Revoked and Terminated Self-Insurers

A. Effective on the date of self-insurance revocation or termination, a revoked or terminated self-insurer shall provide the Commission with written evidence of workers' compensation insurance from an approved commercial carrier or the Maryland Injured Workers Insurance Fund, effective on the date of self-insurance termination.

B. A terminated or revoked self-insurer shall maintain the security, excess policy, and parental guarantee which were in effect for the period while self-insured until released by the Commission.

C. Each year, a terminated or revoked self-insurer shall provide to the Commission, an audited financial statement prepared by an independent certified public accountant. A self-insurer shall provide a separate report on a form prescribed by the Commission on the balance remaining in reserves, including incurred but not reported costs, for the period while self-insured. Any payments made during the year as well as the amount of adjustment made to the reserves from the prior year shall also be included in the prescribed report. The Commission may waive these requirements after 3 years from the date of termination.

D. When the security has been exhausted, the surety or administrator shall make a final accounting to the Commission. The Commission shall direct the transfer of the workers' compensation records associated with the period of self-insurance.