IWIF is changing its name and corporate structure on Oct. 1, the workers' compensation insurer said Tuesday.
The state's largest workers' compensation provider will become Chesapeake Employers' Insurance Co. and stop operating as an independent state agency. Under changes being made as a result of state legislation last year, the newly named entity will become a non-stock, not-for-profit, private insurance company that will sell workers' compensation insurance in Maryland.
IWIF, which provides insurance to more than 20,000 employers in the state, has a 23 percent market share. The company employs more than 375 people and works with more than 1,400 independent agents. The company's board will continue to be appointed by the governor.
An earlier version mischaracterized the company's employees as "agents." The company has more than 375 employees, such as underwriters, premium auditors and nurse case managers, but does not employ agents. The Sun regrets the error.