Maryland Insurance Section 7-102

      (a)      The General Assembly finds that the public interest and the interest of policyholders and stockholders may be adversely affected when:

            (1)      control of an insurer is sought by a person that would use that control adversely to the best interest of policyholders or stockholders;

            (2)      acquisition of control of an insurer would substantially lessen competition or create a monopoly in the insurance business in the State;

            (3)      an insurer that is part of an insurance holding company system enters into transactions or relationships with affiliates on terms that are not fair and reasonable; or

            (4)      an insurer pays to stockholders dividends that jeopardize the financial condition of the insurer.

      (b)      The purposes of this title include promoting the public interest by:

            (1)      requiring disclosures in acquisitions or mergers;

            (2)      requiring disclosures of material transactions, relationships between an insurer and its affiliates, and dividends to stockholders paid by insurers;

            (3)      requiring disclosures of relevant information about changes in control of insurers; and

            (4)      establishing penalties for failure to disclose and providing for the disapproval of certain transactions.