2013 Maryland Code
INSURANCE
§ 7-303 - Pre-acquisition notification [Subject to amendment effective January 1, 2014; amended version follows this section].


MD Ins Code § 7-303 (2013) What's This?

§7-303.

(a) With respect to a transaction subject to this subtitle, a domestic insurer or a person controlling a domestic insurer must file with the Commissioner the pre-acquisition notification required under Subtitle 4 of this title.

(b) The pre-acquisition notification must be filed at least 30 days before a transaction subject to this subtitle is proposed to become effective.

(c) The Commissioner may impose sanctions under § 7-405 of this title for failure to file the information required under subsection (a) of this section.

§ 7-303 - Pre-acquisition or pre-divestiture notification (Effective January 1, 2014)

(a) Pre-acquisition -- Filing with Commissioner required. -- With respect to a transaction subject to this subtitle, a person seeking to acquire control of a domestic insurer must file with the Commissioner the pre-acquisition notification required under Subtitle 4 of this title.

(b) Pre-acquisition -- Time of filing. -- The pre-acquisition notification must be filed at least 30 days before a transaction subject to this subtitle is proposed to become effective.

(c) Pre-acquisition -- Effects of failure to file. -- The Commissioner may impose sanctions under § 7-405 of this title for failure to file the information required under subsection (a) of this section.

(d) Pre-divestiture notification. --

(1) Any person that controls a domestic insurer seeking to divest its controlling interest in the domestic insurer shall file a confidential notice of its proposed divestiture with the Commissioner at least 30 days before the proposed divestiture and provide a copy of the notice to the insurer.

(2) The Commissioner shall determine those instances in which the party seeking to divest a controlling interest in an insurer must file for and obtain approval of the transaction.

(3) The information regarding the divestiture shall remain confidential until the conclusion of the transaction unless, in the Commissioner's discretion, the Commissioner determines that confidential treatment will interfere with enforcement of this section.

(4) Unless the Commissioner determines otherwise, this subsection does not apply if the statement required by subsection (a) of this section is filed.

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