Code of Maryland Regulations
Title 14 - INDEPENDENT AGENCIES
Subtitle 09 - WORKERS' COMPENSATION COMMISSION
Chapter 14.09.13 - Individual Employer Self-Insurer
Section 14.09.13.07 - Excess Insurance
Current through Register Vol. 51, No. 6, March 22, 2024
A. The applicant for self-insurance shall purchase excess insurance in an amount determined by the Commission.
B. Specific retention amounts as defined in the excess policy shall be no higher than 5 percent of net worth or unrestricted net assets. The specific excess limit shall be not less than 20 times the specific retention amount or as otherwise ordered by the Commission.
C. The applicant for self-insurance may request the intended specific retention amount and specific excess limit. The Commission shall order the approved amounts.
D. The applicant for self-insurance shall provide proof of excess insurance by filing a copy of the excess certificate and a copy of the excess insurance policy with any endorsements with the Commission within 30 days of its issuance or renewal, or when requested by the Commission.
E. Whenever the Commission makes a security deposit determination under Regulation .06 of this chapter, it also shall consider the terms and conditions of any excess insurance, including specific retention amount and specific excess limit.
F. The Commission may waive this requirement for excess insurance for individually self-insured governmental entities.
