IMPORTANT UPDATE
Chesapeake Employers to Join NCCI, Could Write Business in Other States - Provisions of Senate Bill 465 to be phased in over 7 years
Senate Bill 465 was passed by the Maryland General Assembly and signed into law (Chapter 36, 2015) by Governor Hogan on Tuesday, April 14, 2015.
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The law requires Chesapeake Employers' Insurance Company to join the National Council on Compensation Insurance (NCCI) and gradually adopt its rating system.
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Chesapeake Employers will be required to file its rates with the Maryland Insurance Commissioner.
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The law allows Chesapeake Employers, or a subsidiary of the company, to write workers' compensation insurance in other states. The Company will be limited to workers compensation and will continue to be the guaranteed market in the state of Maryland.
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The law also alters the company's Board of Directors beginning in 2020. (Eventually 7 of the 9 Board members will be elected by policyholders.)
As we transition through to NCCI over the next seven years, Chesapeake Employers will work diligently to minimize the impact to our policyholders.
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