Home Table of Contents

§ 7-403. Pre-acquisition notification requirements

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 4. Acquisition of Control of Insurer (Refs & Annos)
MD Code, Insurance, § 7-403
§ 7-403. Pre-acquisition notification requirements
Currentness
In general
(a)(1) The acquiring person in an acquisition subject to this subtitle must file a pre-acquisition notification with the Commissioner.
(2) The acquired person in an acquisition subject to this subtitle may file a pre-acquisition notification.
Deadline for filing pre-acquisition notification
(b) The pre-acquisition notification must be filed at least 30 days before the acquisition subject to this subtitle is proposed to become effective.
Form and contents of pre-acquisition notification
(c)(1) The pre-acquisition notification must be in the form and contain the information required by the National Association of Insurance Commissioners relating to those markets that, under § 7-402(6) of this subtitle, cause the acquisition not to be exempt from this subtitle.
(2) The Commissioner may require a pre-acquisition notification to contain:
(i) additional material and information that the Commissioner considers necessary to determine whether the proposed acquisition, if effective, would violate § 7-405(a)(1)(i) of this subtitle; and
(ii) the opinion of an economist about the competitive impact of the acquisition in the State, together with a summary of the education and experience of the economist indicating the economist's ability to make an informed opinion.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 494A.
MD Code, Insurance, § 7-403, MD INSURANCE § 7-403
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.
End of Document