Md. Workers' Comp Insurance Giant Goes Private

Law360, New York (May 23, 2012, 5:02 PM EDT) -- Maryland's largest workers' compensation insurer will transform from a state-run entity into a private nonprofit under legislation that Gov. Martin O'Malley, a Democrat, signed Tuesday, but critics say private insurers will remain at a competitive disadvantage.

With the passage of S.B. 745, the Injured Workers' Insurance Fund will become the private Chesapeake Employers' Insurance Co. in October 2013. IWIF, which holds $1.3 billion in assets, said it had pushed for privatization to stop the state government from raiding its surplus.

Maryland has already authorized a $50...
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