Labor and Employment - Uninsured Employers' Fund Board - Membership and Reserves

SB 695 changes the membership of Maryland's Uninsured Employers' Fund Board from 3 to 5 members, requiring two with insurance company experience, one with accounting/finance expertise, one as a workers' compensation policyholder, and one representing the public. It mandates the Board "shall" establish reserves to cover potential fund losses (previously allowed but not required). The bill directly affects the oversight of the Uninsured Employers' Fund, which provides benefits to workers when employers fail to carry required insurance. These changes aim to strengthen fund management and accountability through specific board composition and mandatory reserve requirements.