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§ 7-404. Waiting period for acquisitions subject to subtitle

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, § 7-404
§ 7-404. Waiting period for acquisitions subject to subtitle
Currentness
In general
(a) The waiting period for an acquisition subject to this subtitle:
(1) begins on the day the Commissioner receives the pre-acquisition notification; and
(2) ends on the earlier of:
(i) 30 days after the period begins; or
(ii) the day on which the Commissioner ends the waiting period.
Additional information required by Commissioner
(b)(1) During the waiting period for an acquisition subject to this subtitle, the Commissioner may require that additional information relevant to the proposed acquisition be filed.
(2) If the Commissioner requires additional information, the waiting period shall be extended to the earlier of:
(i) 30 days after the Commissioner receives the additional information; or
(ii) the day on which the Commissioner ends the waiting period.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 494A.
MD Code, Insurance, § 7-404, MD INSURANCE § 7-404
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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