In accordance with Section 6-203 of Insurance Article of the Annotated Code of Maryland, and Code of Maryland Regulations 31.08.09, companies desiring to be eligible as Group Self-Insurers for Workers’ Compensation are required to annually file with the Maryland Insurance Administration the following:
-
Certificate of Authority Renewal.
- Most recent audited financial statement showing combined net assets of at least $1,000,000.
- Notification of changes in any information previously submitted to the Maryland Insurance Administration.
- Actuarial opinion in compliance with the current edition of the Financial Analysis Handbook published by the National Association for Insurance Commissioners.
- Proof of Excess Loss Coverage in accordance with COMAR 31.08.09.07(A) which requires an excess coverage in an amount not less than $1,000,000.
- Financial condition report that includes information about each member based on the member’s most recent fiscal year-end data. The report must be signed by an executive officer of the group. Please use this TEMPLATE for your convenience.
- Surety Bond in accordance with COMAR 31.08.09.06 which requires a group to obtain and maintain this bond for the protection of group members and their employees in an amount, not less than $500,000. Please provide updated evidence of an enforced surety bond.
- Annual Filing fee of $25 (non-refundable), $500 examination fee, and $1,000 Fraud Fee Assessment, made payable to the
Maryland Insurance Administration.
Application estimated verification time: two to five business days.
Application estimated application determination time: 14 to 30 days.
Estimated length of time to complete application: varies based on size and complexity.
Filings and fees must be received on or before June 20.
If you have any questions, contact Company Licensing at:
Maryland Insurance Administration
Company Licensing Unit
Phone: 410-468-2104
Fax: 410-468-2112
Documents and fees should be submitted to:
Maryland Insurance Administration
Company Licensing
200 St. Paul Place, Suite 2700
Baltimore, MD 21202
