May 16, 2002

The Honorable Casper R. Taylor, Jr.
Speaker of the House
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed House Bill 537 - Injured Workers' Insurance Fund - Phase-In of Regulatory Requirements.

This bill subjects the Injured Workers' Insurance Fund (IWIF) to additional regulation by the Maryland Insurance Administration (MIA) and provides for a phase-in of risk-based capital (RBC) standards for IWIF. The bill also requires the Insurance Commissioner to report on IWIF's RBC level.

Senate Bill 371, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 537.

Parris N. Glendening