MD SB695

Expands the Uninsured Employers' Fund Board from 3 members to 5 members, all appointed by the Governor with Senate consent

Replaces the previous composition (labor, management, general public representatives) with new required qualifications: two members with property and casualty insurance company experience, one with accounting or finance experience, one workers' compensation policyholder, and one general public representative

Changes the Board's authority to establish reserves from permissive ("may") to mandatory ("shall") to meet potential losses of the Fund

Board members serve 4-year terms and may be removed by the Governor for incompetence or misconduct

Effective October 1, 2025; approved by Governor Wes Moore on May 6, 2025