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§ 8-104. Presumption of control of insurer or person

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 1. Broker Controlled Business (Refs & Annos)
MD Code, Insurance, § 8-104
§ 8-104. Presumption of control of insurer or person
Currentness
In general
(a)(1) Control is presumed to exist if a person directly or indirectly owns, directs the voting of, holds with the power to vote, or holds proxies representing 10% or more of the voting securities of another person.
(2) However, control is not presumed to exist if proxies have been obtained by an official of the person solely in connection with voting at a meeting of the owners of the person.
Rebuttal of presumption
(b) The presumption of control may be rebutted by showing by a preponderance of the evidence that control does not exist in fact.
Finding by Commissioner that person does not have control
(c)(1) Notwithstanding the presumption of control, the Commissioner, on application of an insurer, may find that a person presumed to control an insurer does not have control of the insurer.
(2) In addition, the Commissioner, after notice and an opportunity to be heard, may find that a person not presumed to have control of an insurer does have control of the insurer.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 661.
MD Code, Insurance, § 8-104, MD INSURANCE § 8-104
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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