Maryland State Fund Morphs into Mutual Insurer

Maryland's Injured Workers Insurance Fund, or IWIF, has transformed itself into a mutual insurance company named Chesapeake Employers Insurance.  The idea is to protect the loss reserves that have been set aside to take of injured workers from the depredations of greedy politicians who might wish to divert those reserves for other uses.

Chesapeake will be limited to writing Workers Compensation coverage for Maryland employers only. This continues a trend of recent years, as former state funds in other states (like Colorado) have done the same kind of transformation into mutual insurers.