(a) An employer who fails to secure payment of compensation in accordance with § 9-402 of this title that will be in force on the date a cancellation of a contract of workers’ compensation insurance becomes effective is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $5,000 or imprisonment not exceeding 1 year or both.
(b) If the employer is a corporation, the officer of the corporation who has responsibility for the general management of the corporation in the State is subject to the fine and imprisonment specified in subsection (a) of this section.
(c) A fine imposed against and collected from an employer under this section shall be paid into the Uninsured Employers’ Fund.