Source: https://law.justia.com/codes/maryland/2013/article-gin/section-7-102/
Timestamp: 2020-07-06 02:55:55
Document Index: 138297449

Matched Legal Cases: ['§ 7', '§ 7', '§ 7', '§ 7', '§7', '§ 7']

§ 7-102 - Legislative findings; statement of policy [Subject to amendment effective January 1, 2014; amended version follows this section]. :: 2013 Maryland Code :: US Codes and Statutes :: US Law :: Justia
Justia US Law US Codes and Statutes Maryland Code 2013 Maryland Code INSURANCE § 7-102 - Legislative findings; statement of policy [Subject to amendment effective January 1, 2014; amended version follows this section].
§ 7-102 - Legislative findings; statement of policy [Subject to amendment effective January 1, 2014; amended version follows this section].
MD Ins Code § 7-102 (2013) What's This?
§7-102.
(a) The General Assembly finds that the public interest and the interest of policyholders and stockholders may be adversely affected when:
(1) control of an insurer is sought by a person that would use that control adversely to the best interest of policyholders or stockholders;
(2) acquisition of control of an insurer would substantially lessen competition or create a monopoly in the insurance business in the State;
(3) an insurer that is part of an insurance holding company system enters into transactions or relationships with affiliates on terms that are not fair and reasonable; or
(4) an insurer pays to stockholders dividends that jeopardize the financial condition of the insurer.
(b) The purposes of this title include promoting the public interest by:
(1) requiring disclosures in acquisitions or mergers;
(2) requiring disclosures of material transactions, relationships between an insurer and its affiliates, and dividends to stockholders paid by insurers;
(3) requiring disclosures of relevant information about changes in control of insurers; and
(4) establishing penalties for failure to disclose and providing for the disapproval of certain transactions.
§ 7-102 - Legislative findings; statement of policy (Effective January 1, 2014)
(a) Legislative findings. -- The General Assembly finds that the public interest and the interest of policyholders and stockholders may be adversely affected when:
(b) Statement of policy. -- The purposes of this title include promoting the public interest by:
(3) requiring disclosures of relevant information about changes in control of insurers;
(4) providing standards governing material transactions between an insurer and its affiliates; and
(5) establishing penalties for failure to disclose and providing for the disapproval of certain transactions.