If you're injured on the job, it's only natural to want to know who will pay for your medical bills and how you'll support yourself during the times when you can't physically work. Maryland natives who rely on this compensation may have heard that one of the largest compensation insurers is no longer backed by the state, and this might have seemed alarming. However, the company has announced that it is now a non-stock, not-for-profit private company, and that means it won't have to worry about losing surplus earnings to the state's general funds. What does that mean for you? The company claims that the extras can now be used to benefit policyholders.
According to news from Nov. 4, The Maryland State Accident Fund's move to a private company was authorized by legislation that passed through the state last year. The change means that the company must only sell insurance within Maryland and will still have the board of directors appointed by the governor. Because of these changes, the company claims that the surpluses that might have been transferred to the state before will now be able to be used to benefit the people who hold policies with it. That means the company will likely be more financially stable and better able to ensure the payment of claims to those who have been injured on the job.
At this time, the company allegedly holds around 23 percent of the market and has assets totaling around $1.8 billion. The company works with over 1,400 insurance agents, according to its website, which means that with the surplus money flowing in, it should hopefully be able to afford more claims payouts than in previous years. So, if you're injured while working in Maryland, this may be the company you'll be dealing with in the future, and you may have a better chance of receiving your claims in a timely fashion.
Source: Risk and Insurance, "Maryland: Largest workers' comp insurer no longer state agency" Nancy Grover, Nov. 04, 2013