§ 7-304. Statement filed with Commissioner
West's Annotated Code of MarylandInsuranceEffective: January 1, 2014
Effective: January 1, 2014
MD Code, Insurance, § 7-304
§ 7-304. Statement filed with Commissioner
(a) A person seeking to acquire control of a domestic insurer must file a statement with the Commissioner and provide a copy to the domestic insurer.
(b) The statement must be filed at least 60 days before a transaction subject to this subtitle is proposed to become effective.
(c) The statement required by subsection (a) of this section must contain:
(6) the source and amount of the funds or other consideration for a transaction subject to this subtitle and, if a part of the funds or other consideration has been or is to be borrowed or otherwise obtained for a transaction subject to this subtitle, a description of that transaction and the names of the parties to that transaction;
(d)(1) If the person required to file a statement under this section is a partnership, limited partnership, syndicate, or other group, the statement also shall include the information required by subsection (c) of this section for:
(3) If any material change occurs in the facts set forth in the statement filed with the Commissioner and provided to the insurer under this section, an amendment, together with copies of any documents or other materials necessary to describe the amendment, shall be filed with the Commissioner and provided to the insurer within the earlier of 2 business days after:
(e) A person that is required to file a statement under this section instead may file with the Commissioner, in addition to any other materials that the Commissioner requests:
(1) a registration statement filed under the Securities Act of 1933;1
(2) a disclosure containing similar information filed under the Securities Exchange Act of 1934;2 or
(f)(1) Except as provided in paragraph (2) of this subsection, on request of the person filing the statement, the Commissioner may not make public the name of a lender listed under subsection (c)(6) of this section as a source of funds, unless the transaction is made in the lender's ordinary course of business.
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.
Footnotes
May 27, 1933, ch. 38, Title I, 48 Stat. 74, codified at 15 U.S.C.A. § 77a et seq.
June 6, 1934, ch. 404, 48 Stat. 881, codified at 15 U.S.C.A. § 78a et seq.
MD Code, Insurance, § 7-304, MD INSURANCE § 7-304
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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