(a)    The Company:

(1)    shall be an authorized insurer; and

(2)    on and after October 1, 2013, as a condition of being an authorized insurer, shall be the workers’ compensation insurer of last resort for employers covered under Title 9 of the Labor and Employment Article.

(b)    Before October 1, 2013, the Fund shall serve as the workers’ compensation insurer of last resort for workers’ compensation insurance and as a competitive workers’ compensation insurer under the same terms and conditions as the Fund served before October 1, 2012.

(c)    The Company may not cancel or refuse to renew or issue a policy except for:

(1)    nonpayment of a premium for current or prior policies issued by the Fund or the Company;

(2)    failure to provide payroll information to the Fund or the Company;

(3)    failure to cooperate in any payroll audit conducted by the Fund or the Company; or

(4)    failure to reimburse the Company under a policy with deductibles as required under § 19–404 of this article.

(d)    The Company may engage only in the business of workers’ compensation insurance in accordance with State law.

(e)    Subject to the requirements of Title 7 of this article, the Company may establish, own, or acquire a subsidiary for any lawful purpose if the subsidiary:

(1)    is, or after acquisition will be, wholly owned by the Company;

(2)    engages in a business activity that is ancillary to the workers’ compensation insurance business; and

(3)    is operated for the purpose of benefiting the Company.