A. The Board of Trustees shall:
- (1) Submit quarterly reports regarding the status or condition of investments made pursuant to this chapter, including quarterly investment statements; and
- (2) Submit any additional information requested by the Commission under §B of this regulation.
B. The Commission may direct the Board of Trustees to submit to the Commission:
- (1) A written explanation of its investment strategy and performance;
- (2) A written proposed corrective action plan; and
- (3) Any additional information concerning these investments that the Commission deems relevant.
- C. The Commission may order the Board of Trustees to implement a corrective action plan, to convert its investments to the investments authorized in Regulation .07B of this chapter, and to take any other action the Commission deems necessary.
- D. The Commission shall serve an order issued under §C of this regulation on the Board of Trustees by certified and regular mail.
- E. If aggrieved by a decision of the Commission under this regulation, the Board of Trustees may request a hearing before the Commission in accordance with Regulation .10 of this chapter.
- F. The Commission may terminate a fund from participation in the governmental group self-insurance program for failing to comply with an order of the Commission under this chapter.
Authority: Labor and Employment Article, §§9-309, 9-402, and 9-404, Annotated Code of Maryland
Effective date: March 14, 1983 (10:5 Md. R. 466)
Chapter revised effective September 27, 2004 (31:19 Md. R. 1433)
Chapter revised effective March 7, 2011 (38:5 Md. R. 319)
Chapter recodified from COMAR 14.09.02, Governmental Group Self-Insurance, to COMAR 14.09.14, Governmental Group Self-Insurance, effective March 3, 2014 (41:4 Md. R. 304)
Regulation .01-1C amended effective October 18, 2021 (48:21 Md. R. 890)
Regulation .03B amended effective October 18, 2021 (48:21 Md. R. 890)