Md. Code Regs. 14.09.14.09

Current through Register Vol. 51, No. 24, December 2, 2024

Section 14.09.14.09 - Reporting Requirements and Corrective Action Plans

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.

Md. Code Regs. 14.09.14.09