§ 7-306. Review of transactions by Commissioner
West's Annotated Code of MarylandInsuranceEffective: January 1, 2014
Effective: January 1, 2014
MD Code, Insurance, § 7-306
§ 7-306. Review of transactions by Commissioner
(a) A transaction subject to this subtitle may not be made unless, within 60 days after the statement required by § 7-304 of this subtitle is filed with the Commissioner or within any extension of that period, the Commissioner approves the transaction or does not disapprove the transaction.
(b) Subject to subsection (c) of this section, the Commissioner shall disapprove a proposed transaction subject to this subtitle if the Commissioner finds that:
(1) after the transaction, the domestic insurer could not satisfy the requirements for the issuance of a certificate of authority to engage in the insurance business which it intends to transact or is licensed to transact in the State, taking into consideration the financial and managerial resources and future prospects of the domestic insurer;
(3) the financial condition of an acquiring person might jeopardize the financial stability of the domestic insurer or prejudice the interests of its policyholders or, in the case of an acquisition of control, the interests of any remaining stockholders who are unaffiliated with the acquiring person;
(c) In disapproving a transaction based on a finding under subsection (b)(2) of this section:
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2013, c. 115, § 1, eff. Jan. 1, 2014.
Formerly Art. 48A, § 494.
MD Code, Insurance, § 7-306, MD INSURANCE § 7-306
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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