§ 3-121.1. Reorganization of mutual insurers
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 3-121.1
§ 3-121.1. Reorganization of mutual insurers
(b) Subject to the provisions of this section and in accordance with a plan of reorganization approved by the Commissioner, a mutual insurer may:
(c) A plan of reorganization shall provide that:
(d)(1) Each policyholder of the reorganized stock insurer shall be a member of the mutual insurance holding company.
(e)(1) Except as provided in paragraph (2) of this subsection, each policy of the mutual insurer in effect on the effective date of the reorganization shall remain in effect in accordance with its terms and conditions.
(f) The reorganized stock insurer shall have:
(g)(1) The plan of reorganization shall be:
(h) The plan of reorganization shall be submitted to the Commissioner for approval at least 60 days before the effective date of the reorganization, together with:
(i)(1) Unless disapproved by the Commissioner, a plan of reorganization is approved:
(j)(1) A mutual insurance holding company is subject to Title 7 of this article.
(k) Compliance with the requirements for a plan of reorganization under this section exempts a mutual insurance holding company from the requirements of Title 7, Subtitle 3 of this article for the purpose of acquiring control of the reorganized stock insurer.
(l)(1) A mutual insurance holding company:
(2) In any proceeding under Title 9 involving a reorganized stock insurer that is a subsidiary of a mutual insurance holding company, the assets of the mutual insurance holding company shall be deemed to be assets of the estate of the reorganized stock insurer for purposes of satisfying the claims of the reorganized stock insurer's policyholders.
(m) A mutual insurance holding company may become a stock insurer in accordance with § 3-121 of this subtitle.
Credits
Added by Acts 2000, c. 101, § 1, eff. June 1, 2000.
MD Code, Insurance, § 3-121.1, MD INSURANCE § 3-121.1
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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