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§ 7-203. Disposal of assets upon end of control

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 7. Maryland Insurance Acquisitions Disclosure and Control Act (Refs & Annos)
Subtitle 2. Acquisitions and Investments--in General (Refs & Annos)
MD Code, Insurance, § 7-203
§ 7-203. Disposal of assets upon end of control
Currentness
Deadline for disposal of investments
(a)(1) Except as provided in subsection (b) of this section, within 3 years after a domestic insurer ends its control of a subsidiary, the domestic insurer shall dispose of all investments in the subsidiary that were made under § 7-202 of this subtitle.
(2) The Commissioner may extend the time for disposal of the investments.
Exceptions
(b) A domestic insurer is not required to dispose of an investment under subsection (a) of this section if, after the investment is made:
(1) the investment meets the requirements for investment under another provision of this article; and
(2) the domestic insurer notifies the Commissioner that the investment meets the other requirements.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 493.
MD Code, Insurance, § 7-203, MD INSURANCE § 7-203
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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