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§ 7-606. Disclaimer of affiliation with authorized insurer

West's Annotated Code of MarylandInsuranceEffective: January 1, 2014

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 7. Maryland Insurance Acquisitions Disclosure and Control Act (Refs & Annos)
Subtitle 6. Registration of Insurers in Insurance Holding Company Systems (Refs & Annos)
Effective: January 1, 2014
MD Code, Insurance, § 7-606
§ 7-606. Disclaimer of affiliation with authorized insurer
Currentness
In general
(a) An insurer, a member of an insurance holding company system, or any other person may file with the Commissioner a disclaimer of affiliation with an authorized insurer that fully discloses:
(1) all material relationships and bases for affiliation between the person filing the disclaimer and the authorized insurer; and
(2) the basis for disclaiming the affiliation.
Notice and hearing
(b)(1) Within 30 days after receipt of a filing under subsection (a) of this section, the Commissioner shall give all parties in interest notice and an opportunity to be heard.
(2) Within 30 days after the close of the notice period under paragraph (1) of this subsection, the Commissioner may disallow a disclaimer based on specific findings of fact.
(3) If within 30 days after the close of the notice period the Commissioner has not disallowed the disclaimer, the disclaiming party is relieved of its duty to register or report under this subtitle, and the insurer is relieved of any duty to register or report under this subtitle that arises out of the insurer's relationship with the person filing the disclaimer.
(4) In the event of disallowance, the disclaiming party may request an administrative hearing, which shall be granted.

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, § 495.
MD Code, Insurance, § 7-606, MD INSURANCE § 7-606
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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