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Small Maryland insurance fund warned it could be insolvent next year unless assessments or costs change
Summary
DLS told lawmakers the Uninsured Employers Fund's reliance on a third-party administrator and a long-stagnant 2% assessment rate leave it at risk of insolvency in FY28; UEF staff urged lawmakers to raise assessments or allow in-house claims capacity.
Department of Legislative Services analysts and UEF staff told the Public Safety and Administration Subcommittee that the Uninsured Employers Fund is at financial risk unless revenues increase or expenditures fall.
DLS analyst Micah Richards said the FY27 UEF allowance is about $6.1 million, but projected close-of-year fund balances and the cost of a third-party administrator (TPA) create insolvency risk: "Based on the estimated revenues and expenditures, we are projecting that their fund balance at the close of fiscal…
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