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§ 3-123.1. Formation of business combinations by mutual insurers

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 3. Kinds of Insurers
Subtitle 1. Stock Insurers and Mutual Insurers (Refs & Annos)
MD Code, Insurance, § 3-123.1
§ 3-123.1. Formation of business combinations by mutual insurers
Currentness
In general
(a) Unless otherwise prohibited under this article and subject to the prior approval of the Commissioner, one or more mutual insurers organized under the laws of any state may form a business combination with one or more domestic mutual insurers for the purpose of purchasing reinsurance or other financial services.
Written agreements with terms and conditions of business combination
(b)(1) Mutual insurers forming a business combination under this section shall enter into a written agreement that prescribes the terms and conditions of the business combination.
(2) The agreement shall be approved by the vote of the majority of the board of directors of each mutual insurer.
Regulations relating to formation of business combinations
(c) The Commissioner may adopt regulations concerning the formation of business combinations under this section.

Credits

Added by Acts 1998, c. 648, § 1, eff. Oct. 1, 1998.
MD Code, Insurance, § 3-123.1, MD INSURANCE § 3-123.1
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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