<section article="gle" article_name="Labor and Employment" number="10-101" title_number="10" title_name="Funds" subtitle_number="1" subtitle_name="Injured Workers' Insurance Fund"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Administration” means the Maryland Insurance Administration.</text> </level> <level label="c"> <text>“Board” means the Board for the Injured Workers’ Insurance Fund.</text> </level> <level label="d"> <text>“Commissioner” means the Maryland Insurance Commissioner.</text> </level> <level label="e"> <text>“Company” means the Chesapeake Employers’ Insurance Company established under Title 24, Subtitle 3 of the Insurance Article.</text> </level> <level label="f"> <text>“Fund” means the Injured Workers’ Insurance Fund.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-102" title_number="10" title_name="Funds" subtitle_number="1" subtitle_name="Injured Workers' Insurance Fund"> <level label="a"> <level label="1"> <text>There is an Injured Workers’ Insurance Fund.</text> </level> <level label="2"> <text>The Fund is an instrumentality of the State.</text> </level> </level> <level label="b"> <text>On and after October 1, 2013, the Company, and not the Fund, shall serve as the workers’ compensation insurer of last resort for workers’ compensation insurance.</text> </level> <level label="c"> <text>On and after October 1, 2013, the Fund:</text> <level label="1"> <text>shall continue to exist; but</text> </level> <level label="2"> <text>may not issue new policies or otherwise engage in the business of insurance.</text> </level> </level> <level label="d"> <level label="1"> <text>On and after October 1, 2013, the Fund shall be the third party administrator for the State’s Self–Insured Workers’ Compensation Program for State Employees under a contract with the State.</text> </level> <level label="2"> <text>At least once every 5 years, the Commissioner shall:</text> <level label="i"> <text>review the State’s Self–Insured Workers’ Compensation Program for State Employees, as administered by the Fund, to determine whether the State is receiving effective administrative services at a reasonable cost; and</text> </level> <level label="ii"> <text>submit a report to the State Treasurer on the findings of the review.</text> </level> </level> </level> <level label="e"> <level label="1"> <text>Subject to subsection (f) of this section, in the operation of the Company, the Company shall use employees of the Company.</text> </level> <level label="2"> <text>Subject to subsection (f) of this section, in the operation of the Fund, the Fund:</text> <level label="i"> <text>shall use employees of the Fund; and</text> </level> <level label="ii"> <text>may use nonsupervisory employees of the Company.</text> </level> </level> <level label="3"> <text>The Fund shall:</text> <level label="i"> <text>maintain a payroll and human resources system; and</text> </level> <level label="ii"> <text>be responsible for paying:</text> <level label="1"> <text>the employer portion of any payroll or other taxes and retirement or pension contributions for employees of the Fund; and</text> </level> <level label="2"> <text>for any health or other employee benefits that are available to employees of the Fund.</text> </level> </level> </level> </level> <level label="f"> <level label="1"> <text>Employees of the Fund may be assigned to perform functions of the Company under a contract between the Fund and the Company.</text> </level> <level label="2"> <text>Nonsupervisory employees of the Company may be assigned to perform functions of the Fund under a contract between the Fund and the Company.</text> </level> <level label="3"> <text>The Company and the Fund shall annually execute an agreement that lists:</text> <level label="i"> <text>the employees of the Fund who have been assigned to perform duties on behalf of the Company; and</text> </level> <level label="ii"> <text>the nonsupervisory employees of the Company who have been assigned to perform duties on behalf of the Fund.</text> </level> </level> <level label="4"> <text>The agreement shall:</text> <level label="i"> <text>specify the employees who will be utilized by the Company and the Fund;</text> </level> <level label="ii"> <text>provide that, except with respect to assets necessary for the Fund to perform its duties under this subtitle, all assets and liabilities of the Fund are the assets and liabilities of the Company; and</text> </level> <level label="iii"> <text>be filed with the Administration.</text> </level> </level> <level label="5"> <text>Notwithstanding § 15–703(f)(3)(i) of the State Government Article, an employee of the Fund may register and maintain registration as a regulated lobbyist if the employee:</text> <level label="i"> <text>is assigned to perform functions of the Company under paragraph (1) of this subsection for which an employee of the Company would be required to register; and</text> </level> <level label="ii"> <text>registers on behalf of the Company.</text> </level> </level> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-103" title_number="10" title_name="Funds" subtitle_number="1" subtitle_name="Injured Workers' Insurance Fund"> <level label="a"> <text>On and after October 1, 2013:</text> <level label="1"> <text>the Fund may not hire new employees; and</text> </level> <level label="2"> <text>employees of the Fund:</text> <level label="i"> <text>may remain employees of the Fund;</text> </level> <level label="ii"> <text>shall continue to be State employees only if they remain employees of the Fund;</text> </level> <level label="iii"> <text>may not be required to be employees of the Company;</text> </level> <level label="iv"> <text>shall be subject to each law that applied to employees of the Fund immediately before October 1, 2013;</text> </level> <level label="v"> <text>shall be subject to the same terms and conditions of employment as existed immediately before October 1, 2013, including benefits, leave, and pay grade;</text> </level> <level label="vi"> <text>shall remain in the State retirement system only if they remain employees of the Fund;</text> </level> <level label="vii"> <text>except for changes in benefits or compensation applicable to State employees generally, may not be denied any compensation or benefit provided to employees of the Fund as of October 1, 2013;</text> </level> <level label="viii"> <text>may not be denied a promotion, based on the employee’s status as an employee of the Fund; and</text> </level> <level label="ix"> <text>subject to subsection (b) of this section, may elect to be an employee of the Company.</text> </level> </level> </level> <level label="b"> <text>If an employee of the Fund intends to elect to be an employee of the Company under subsection (a)(2)(ix) of this section, the Company shall:</text> <level label="1"> <text>require the employee to make the election in writing; and</text> </level> <level label="2"> <text>provide the employee with information that:</text> <level label="i"> <text>states that the election of the employee to become an employee of the Company is voluntary and irrevocable; and</text> </level> <level label="ii"> <text>fully discloses the terms of employment with the Company.</text> </level> </level> </level> <level label="c"> <text>An employee of the Company may not elect to be an employee of the Fund.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-104" title_number="10" title_name="Funds" subtitle_number="1" subtitle_name="Injured Workers' Insurance Fund"> <level label="a"> <text>The Fund is independent of all State units.</text> </level> <level label="b"> <level label="1"> <text>Except as provided in paragraph (2) of this subsection and elsewhere in this subtitle, the Fund is not subject to any law, including § 6–106 of the State Government Article, that affects governmental units.</text> </level> <level label="2"> <text>The Fund is subject to:</text> <level label="i"> <text>Title 4 of the General Provisions Article;</text> </level> <level label="ii"> <text>Title 12 of the State Government Article;</text> </level> <level label="iii"> <text>the Maryland Public Ethics Law; and</text> </level> <level label="iv"> <text>Title 5, Subtitle 3 of the State Personnel and Pensions Article.</text> </level> </level> <level label="3"> <text>Paragraph (1) of this subsection does not affect the exemption from property tax under § 7–210 of the Tax – Property Article.</text> </level> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-105" title_number="10" title_name="Funds" subtitle_number="1" subtitle_name="Injured Workers' Insurance Fund"> <level label="a"> <level label="1"> <text>There is a Board for the Injured Workers’ Insurance Fund.</text> </level> <level label="2"> <text>The Board shall manage the business and affairs of the Fund as an instrumentality of the State in accordance with State law.</text> </level> </level> <level label="b"> <level label="1"> <text>The Board consists of the following members:</text> <level label="i"> <text>the State Treasurer, or the State Treasurer’s designee; and</text> </level> <level label="ii"> <text>the two members appointed to the Board for the Company by the Governor in accordance with § 24–307(b)(1)(i) of the Insurance Article.</text> </level> </level> <level label="2"> <text>The terms of the members of the Board described under paragraph (1)(ii) of this subsection are the same as the members’ terms on the Board for the Company.</text> </level> </level> <level label="c"> <text>The Board shall adopt rules, bylaws, policies, and procedures to carry out this subtitle.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-106" title_number="10" title_name="Funds" subtitle_number="1" subtitle_name="Injured Workers' Insurance Fund"> <level label="a"> <level label="1"> <text>The Board shall appoint a President of the Fund.</text> </level> <level label="2"> <text>The President of the Fund shall be an employee of the Fund.</text> </level> </level> <level label="b"> <level label="1"> <text>Except as provided in paragraph (2) of this subsection, employees of the Fund are special appointments.</text> </level> <level label="2"> <text>A classified employee of the Fund hired before July 1, 1990 in a nonprofessional or nontechnical position shall remain a member of the classified service or its equivalent in the State Personnel Management System as long as the employee remains in a nonprofessional or nontechnical position with the Fund.</text> </level> </level> <level label="c"> <level label="1"> <text>The Board shall set compensation for its employees.</text> </level> <level label="2"> <text>Except as otherwise provided in this subtitle, an employee of the Fund is not subject to any law, regulation, or executive order governing State employee compensation, including furloughs, salary reductions, or any other General Fund cost savings measure.</text> </level> </level> <level label="d"> <level label="1"> <text>This subsection does not apply to the layoff of an employee because of lack of work.</text> </level> <level label="2"> <text>An employee of the Fund may not be permanently removed unless:</text> <level label="i"> <text>written charges are filed;</text> </level> <level label="ii"> <text>the employee has an opportunity for a hearing in accordance with Title 10, Subtitle 2 of the State Government Article; and</text> </level> <level label="iii"> <text>there is cause for removal.</text> </level> </level> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-107" title_number="10" title_name="Funds" subtitle_number="1" subtitle_name="Injured Workers' Insurance Fund"> <text>Notwithstanding any other law to the contrary, the Fund shall remain in existence until it:</text> <level label="1"> <text>no longer has any employees; and</text> </level> <level label="2"> <text>is terminated by the repeal of this subtitle.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-108" title_number="10" title_name="Funds" subtitle_number="1" subtitle_name="Injured Workers' Insurance Fund"> <level label="a"> <text>The State has no interest in the assets of the Fund.</text> </level> <level label="b"> <text>All revenues, money, and assets of the Fund belong solely to the Fund and are held by the Fund in trust for the policyholders, injured workers and their families, and creditors of the Fund.</text> </level> <level label="c"> <text>The State may not borrow, appropriate, or direct payments from the revenues, money, or assets of the Fund for any purpose.</text> </level> <level label="d"> <text>The Fund may not be dissolved.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-201" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Board” means the Subsequent Injury Fund Board.</text> </level> <level label="c"> <text>“Fund” means the Subsequent Injury Fund.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-204" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <text>There is a Subsequent Injury Fund.</text> </section> <section article="gle" article_name="Labor and Employment" number="10-207" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <text>There is a Subsequent Injury Fund Board.</text> </section> <section article="gle" article_name="Labor and Employment" number="10-208" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <level label="a"> <level label="1"> <text>The Board consists of 3 members, appointed by the Governor with the advice and consent of the Senate.</text> </level> <level label="2"> <text>Of the 3 members of the Board:</text> <level label="i"> <text>1 shall represent labor;</text> </level> <level label="ii"> <text>1 shall represent management; and</text> </level> <level label="iii"> <text>1 shall represent the general public.</text> </level> </level> </level> <level label="b"> <text>Before taking office, each appointee to the Board shall take the oath required by Article I, § 9 of the Maryland Constitution.</text> </level> <level label="c"> <level label="1"> <text>The term of a member is 4 years.</text> </level> <level label="2"> <text>At the end of a term, a member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="3"> <text>A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.</text> </level> </level> <level label="d"> <text>The Governor may remove a member for incompetence or misconduct.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-209" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <level label="a"> <text>The Board shall determine the times and places of its meetings.</text> </level> <level label="b"> <text>Subject to the State budget, each member of the Board is entitled to:</text> <level label="1"> <text>compensation for each day that the member is engaged in duties of the office; and</text> </level> <level label="2"> <text>reimbursement for expenses under the Standard State Travel Regulations.</text> </level> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-210" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <level label="a"> <text>The Fund shall have a staff in accordance with the State budget.</text> </level> <level label="b"> <level label="1"> <text>The Board shall appoint a Director for the Fund.</text> </level> <level label="2"> <text>The Director is entitled to the salary provided in the State budget.</text> </level> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-211" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <level label="a"> <text>The Attorney General is the legal adviser to the Board and Fund.</text> </level> <level label="b"> <text>With the approval of the Board, staff whom the Attorney General assigns to represent the Fund may hire each expert who is needed to defend an action into which the Fund is impleaded.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-214" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <level label="a"> <text>The Fund shall consist of:</text> <level label="1"> <text>the money credited to the Fund under Title 9 of this article;</text> </level> <level label="2"> <text>income from investments that the State Treasurer makes for the Fund;</text> </level> <level label="3"> <text>interest on deposits or investments of money from the Fund;</text> </level> <level label="4"> <text>money that the Fund acquires by gift; and</text> </level> <level label="5"> <text>money that the federal government pays as reimbursement for a payment from the Fund.</text> </level> </level> <level label="b"> <text>The Fund shall include each security that the Fund acquires.</text> </level> <level label="c"> <text>The Fund shall be used to pay:</text> <level label="1"> <text>each award under Title 9 of this article charged against the Fund; and</text> </level> <level label="2"> <text>other expenses authorized in the State budget.</text> </level> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-215" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <text>The State Treasurer shall keep the Fund as a special indemnity fund.</text> </section> <section article="gle" article_name="Labor and Employment" number="10-216" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <level label="a"> <text>The Board shall supervise the administration of the Fund.</text> </level> <level label="b"> <level label="1"> <text>The Fund annually shall submit to the Governor a proposed budget for the Fund, for inclusion in the budget bill to be submitted to the General Assembly.</text> </level> <level label="2"> <text>The proposed budget shall include an appropriation from the Fund for its budget.</text> </level> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-217" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <text>If sale of a security in which money of the Fund is invested is in the best interest of the Fund, the State Treasurer shall sell the security.</text> </section> <section article="gle" article_name="Labor and Employment" number="10-218" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <level label="a"> <text>Disbursement from the Fund for paying benefits to claimants or dependents shall be made by the Treasurer only on written order of the Workers’ Compensation Commission.</text> </level> <level label="b"> <text>Disbursement from the Fund for any purpose other than paying benefits shall be made by the Treasurer only at the direction of the Director for the Fund under authority of the Board.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-219" title_number="10" title_name="Funds" subtitle_number="2" subtitle_name="Subsequent Injury Fund"> <level label="a"> <level label="1"> <text>As often as the Board requests but at least quarterly, the State Treasurer shall advise the Board about the amount of the Fund in the custody of the State Treasurer.</text> </level> <level label="2"> <text>The State Treasurer annually shall submit to the Board a statement that, for the preceding calendar year:</text> <level label="i"> <text>states the balance on January 1;</text> </level> <level label="ii"> <text>states the income and each source of income;</text> </level> <level label="iii"> <text>itemizes each payment; and</text> </level> <level label="iv"> <text>states the balance on December 31.</text> </level> </level> </level> <level label="b"> <text>On or before October 1 of each year, the Board shall submit to the Governor and, subject to § 2–1257 of the State Government Article, the General Assembly an annual report that includes a detailed statement of the balances and expenses of the Fund.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-301" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Board” means the Uninsured Employers’ Fund Board.</text> </level> <level label="c"> <text>“Fund” means the Uninsured Employers’ Fund.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-304" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <text>There is an Uninsured Employers’ Fund.</text> </section> <section article="gle" article_name="Labor and Employment" number="10-307" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <text>There is an Uninsured Employers’ Fund Board.</text> </section> <section article="gle" article_name="Labor and Employment" number="10-308" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <level label="a"> <level label="1"> <text>The Board consists of five members, appointed by the Governor with the advice and consent of the Senate.</text> </level> <level label="2"> <text>Of the five members of the Board:</text> <level label="i"> <text>two shall have substantial experience as officers or employees of a property and casualty insurance company;</text> </level> <level label="ii"> <text>one shall have substantial experience in the field of accounting or finance;</text> </level> <level label="iii"> <text>one shall be a policyholder of workers’ compensation insurance issued in the State; and</text> </level> <level label="iv"> <text>one shall represent the general public.</text> </level> </level> </level> <level label="b"> <text>Before taking office, each appointee to the Board shall take the oath required by Article I, § 9 of the Maryland Constitution.</text> </level> <level label="c"> <level label="1"> <text>The term of a member is 4 years.</text> </level> <level label="2"> <text>At the end of a term, a member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="3"> <text>A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.</text> </level> </level> <level label="d"> <text>The Governor may remove a member for incompetence or misconduct.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-309" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <level label="a"> <text>The Board shall determine the times and places of its meetings.</text> </level> <level label="b"> <text>Subject to the State budget, each member of the Board is entitled to:</text> <level label="1"> <text>compensation for each day that the member is engaged in duties of the office; and</text> </level> <level label="2"> <text>reimbursement for expenses under the Standard State Travel Regulations.</text> </level> </level> <level label="c"> <text>The Board shall:</text> <level label="1"> <text>appoint a Director for the Fund; and</text> </level> <level label="2"> <text>review the Director’s administration of the Fund.</text> </level> </level> <level label="d"> <text>The Director:</text> <level label="1"> <text>shall have immediate supervision and direction over the administration of the Fund;</text> </level> <level label="2"> <text>may employ staff in accordance with the State budget; and</text> </level> <level label="3"> <text>shall serve as the appointing authority for all staff.</text> </level> </level> <level label="e"> <text>An employee may appeal a disciplinary action taken by the Director to the Board.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-310" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <level label="a"> <level label="1"> <text>The Attorney General is the legal adviser to the Director and Fund.</text> </level> <level label="2"> <text>The Attorney General may represent the Fund in any case that does not involve the rights of the Fund against another individual who:</text> <level label="i"> <text>is in the same employ as the employee who received benefits under Title 9 of this article; and</text> </level> <level label="ii"> <text>caused the injury or death of the employee.</text> </level> </level> </level> <level label="b"> <text>Staff whom the Attorney General assigns to represent the Fund may not represent another party in a claim under Title 9 of this article.</text> </level> <level label="c"> <text>Staff whom the Attorney General assigns to represent the Fund may apply to the Director for authority to hire and, within an amount that the Director sets, to pay each expert or witness who is needed to defend a claim properly.</text> </level> <level label="d"> <text>The Director shall assign to help the staff of the Attorney General each employee of the Fund who is needed to represent the Fund.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-311" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <text>The Director may adopt any reasonable regulation to process and pay an award charged against the Fund.</text> </section> <section article="gle" article_name="Labor and Employment" number="10-314" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <level label="a"> <text>The Fund shall consist of:</text> <level label="1"> <text>the money credited to the Fund under Title 9 of this article;</text> </level> <level label="2"> <text>income from investments that the State Treasurer makes for the Fund; and</text> </level> <level label="3"> <text>interest on deposits or investments of money from the Fund.</text> </level> </level> <level label="b"> <text>Subject to subsection (d) of this section, the Director shall use the Fund to pay:</text> <level label="1"> <text>each award under Title 9 of this article charged against the Fund;</text> </level> <level label="2"> <text>the amount that the Director authorizes for an expert or witness hired under § 10–310(c) of this subtitle;</text> </level> <level label="3"> <text>other proper charges that the Director authorizes;</text> </level> <level label="4"> <text>whenever an employer who is self–insured in accordance with § 9–404 or § 9–405 of this article becomes insolvent, any outstanding obligations of the employer; and</text> </level> <level label="5"> <text>hearing loss claims for retirees of the Bethlehem Steel Corporation.</text> </level> </level> <level label="c"> <text>The liability of the Board, Director, Fund, State Treasurer, and State for all proper charges against the Fund is limited to the assets of the Fund.</text> </level> <level label="d"> <text>Beginning in fiscal year 2021, the Director may use the Fund to pay for the administration of the Fund only if an appropriation is included in the State budget for this purpose.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-315" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <level label="a"> <text>The State Treasurer is custodian of the Fund.</text> </level> <level label="b"> <text>The State Treasurer shall keep the Fund separate from State money.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-316" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <level label="a"> <text>The Director shall supervise the administration of the Fund.</text> </level> <level label="b"> <level label="1"> <text>The Fund annually shall submit to the Governor a proposed budget for the Fund, for inclusion in the budget bill to be submitted to the General Assembly.</text> </level> <level label="2"> <text>The proposed budget shall include an appropriation from the Fund for its budget.</text> </level> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-317" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <text>The Board shall establish reserves to meet potential losses of the Fund.</text> </section> <section article="gle" article_name="Labor and Employment" number="10-318" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <level label="a"> <level label="1"> <text>The State Treasurer shall invest surplus money of the Fund in any security in which a savings bank may invest under State law.</text> </level> <level label="2"> <text>If the State Treasurer invests in a certificate of deposit, it shall:</text> <level label="i"> <text>be interest bearing;</text> </level> <level label="ii"> <text>be issued by:</text> <level label="1"> <text>a bank located and authorized to do business in the State;</text> </level> <level label="2"> <text>a national banking association located in the State; or</text> </level> <level label="3"> <text>a trust company located and authorized to do business in the State; and</text> </level> </level> <level label="iii"> <text>be secured in full by a pledge of a direct obligation of the State or United States.</text> </level> </level> </level> <level label="b"> <text>If sale of a security in which money of the Fund is invested is in the best interest of the Fund, the State Treasurer may sell the security.</text> </level> </section> <section article="gle" article_name="Labor and Employment" number="10-319" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <text>The State Treasurer shall disburse money from the Fund only on a voucher that is signed by the Director for the Fund.</text> </section> <section article="gle" article_name="Labor and Employment" number="10-320" title_number="10" title_name="Funds" subtitle_number="3" subtitle_name="Uninsured Employers' Fund"> <level label="a"> <text>The State Treasurer annually shall submit to the Director for the Fund a statement that:</text> <level label="1"> <text>for the fiscal year for which the statement is made:</text> <level label="i"> <text>states the balance of the Fund on the last day of the year;</text> </level> <level label="ii"> <text>states the income of the Fund; and</text> </level> <level label="iii"> <text>summarizes the payments from the Fund; and</text> </level> </level> <level label="2"> <text>states the balance of the Fund on the last day of the preceding fiscal year.</text> </level> </level> <level label="b"> <text>On or before October 1 of each year, the Board shall submit to the Governor and, subject to § 2–1257 of the State Government Article, the General Assembly an annual report that includes a detailed statement of the balances and expenses of the Fund.</text> </level> </section>