reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  7-306 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 3 - Acquisition of Control of Domestic Insurer or Insurance Holding Company|Section 7-306 - Review of Transactions by Commissioner

    (a)    A transaction subject to this subtitle may not be made unless, within 60 days after the statement required by § 7–304 of this subtitle is filed with the Commissioner or within any extension of that period, the Commissioner approves the transaction or does not disapprove the transaction.    (b)    Subject to subsection (c) of this section, the Commissioner shall disapprove a proposed transaction subject to this subtitle if the Commissioner finds that:        (1)    after the transaction, the domestic insurer could not satisfy the requirements for the issuance of a certificate of authority to engage in the insurance business which it intends to transact or is licensed to transact in the State, taking into consideration the financial and managerial resources and future prospects of the domestic insurer;        (2)    the transaction may substantially lessen competition in insurance in the State or tend to create a monopoly;        (3)    the financial condition of an acquiring person might jeopardize the financial stability of the domestic insurer or prejudice the interests of its policyholders or, in the case of an acquisition of control, the interests of any remaining stockholders who are unaffiliated with the acquiring person;        (4)    the acquiring person has plans or proposals that are unfair or prejudicial to policyholders for liquidating the domestic insurer, selling its assets, merging it with another person, or making any other major change in its business or corporate structure or management;        (5)    it would not be in the interest of policyholders, shareholders, or the public to allow the acquiring person to control the domestic insurer based on the competence, experience, and integrity of the persons that would control the operations of the domestic insurer;        (6)    any party to an agreement to merge with a domestic insurer is not itself an insurer; or        (7)    the interests of the domestic insurer’s policyholders and stockholders might otherwise be prejudiced, impaired, or not properly protected.    (c)    In disapproving a transaction based on a finding under subsection (b)(2) of this section:        (1)    the Commissioner may not disapprove a transaction subject to this subtitle if the Commissioner finds that any of the situations meeting the criteria of § 7–405(b) of this title exist;        (2)    the Commissioner may condition the approval of a transaction subject to this subtitle on the removal of the basis of disapproval under subsection (b)(2) of this section within a specified period of time; and        (3)    the disapproval is subject to § 7–405(c) of this title and the informational requirements under § 7–403(c) of this title.
MD. Insurance Code Ann. §  7-307 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 3 - Acquisition of Control of Domestic Insurer or Insurance Holding Company|Section 7-307 - Additional Experts

    At the expense of the acquiring person, the Commissioner may retain attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner’s staff as are reasonably necessary to help the Commissioner in reviewing the proposed transaction subject to this subtitle.
MD. Insurance Code Ann. §  7-308 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 3 - Acquisition of Control of Domestic Insurer or Insurance Holding Company|Section 7-308 - Effects of Filing Statement

    (a)    The courts of the State have jurisdiction over:        (1)    each person that does not reside in, is not domiciled in, or is not authorized to do business in the State that files a statement with the Commissioner under this subtitle; and        (2)    all actions arising out of a violation of this subtitle.    (b)    (1)    A person that is subject to the jurisdiction of the courts of the State under subsection (a)(1) of this section is deemed to appoint the Commissioner as attorney for service of process in any proceeding arising out of a violation of this subtitle.        (2)    Copies of all process shall be served on the Commissioner.        (3)    The Commissioner shall send a copy of the process by registered mail to the person at the person’s last known address.
MD. Insurance Code Ann. §  7-309 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 3 - Acquisition of Control of Domestic Insurer or Insurance Holding Company|Section 7-309 - Failure to File Statement or Making Unauthorized Acquisition or Divestiture

    A person violates this title if:        (1)    the person fails to file the statement required by this subtitle;        (2)    without the Commissioner’s approval during the 60–day period under § 7–306(a) of this subtitle, or after the Commissioner’s disapproval, the person makes or attempts to make an acquisition of actual or presumed control of, or a merger with, a domestic insurer or a person, including an insurance holding company, that controls a domestic insurer; or        (3)    without the Commissioner’s approval during the 30–day period under § 7–303(d) of this subtitle, or after the Commissioner’s disapproval, the person divests or attempts to divest actual or presumed control of a domestic insurer or a person, including an insurance holding company, that controls a domestic insurer.
MD. Insurance Code Ann. §  7-401 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 4 - Acquisition of Control of Insurer|Section 7-401 - Acquisitions Subject to Subtitle

    Except as provided in § 7-402 of this subtitle, this subtitle applies to any acquisition, agreement, arrangement, or activity, including the acquisition of voting securities or assets, bulk reinsurance, and merger, that results in a person acquiring directly or indirectly the control of an authorized insurer.
MD. Insurance Code Ann. §  7-402 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 4 - Acquisition of Control of Insurer|Section 7-402 - Transactions Excluded From Subtitle

    This subtitle does not apply to:         (1)    an acquisition that is subject to the approval or disapproval of the Commissioner under Subtitle 3 of this title;        (2)    a purchase of securities solely for investment purposes if the securities are not used for voting or otherwise to cause, or attempt to cause, the substantial lessening of competition in any insurance market in the State;        (3)    a purchase of securities that results in a presumption of control under § 7-104 of this title, but the commissioner of the insurer’s state of domicile:            (i)    accepts a disclaimer of control or affirmatively finds that control does not exist; and            (ii)    informs the Commissioner of the disclaimer or finding;        (4)    an acquisition:            (i)    in which both the acquiring and acquired persons are not, either directly or through affiliates, primarily engaged in the insurance business; and            (ii)    for which a pre-acquisition notification:                1.    is filed with the Commissioner under § 7-403 of this subtitle; or                2.    is not required because the acquisition otherwise is excluded from this subtitle by another provision of this subsection;        (5)    an acquisition in which the acquiring and acquired persons already are affiliated;        (6)    considering “market” to be the direct written insurance premium in the State for a line of business as contained in the annual statement required to be filed by authorized insurers, an acquisition that would not result immediately in:            (i)    an increase in any market share;            (ii)    a combined market share of the acquiring and acquired insurers, their affiliates, and the person resulting from a merger that exceeds 5% of any one market; or            (iii)    in any one market:                1.    a market share increase of more than 2%; and                2.    a combined market share of the acquiring and acquired insurers, their affiliates, and the person resulting from a merger that exceeds 12%;        (7)    an acquisition for which a pre-acquisition notification would be required under this subtitle only because of the resulting effect on the ocean marine insurance line of business; or        (8)    an acquisition as to which the commissioner of the state of domicile of the acquired insurer affirmatively finds and informs the Commissioner that:            (i)    the acquired insurer is in failing condition;            (ii)    there is a lack of feasible alternatives to improving the failing condition of the acquired insurer; and            (iii)    the public benefits from improving the acquired insurer’s condition through the acquisition outweigh the public benefits from not lessening competition.
MD. Insurance Code Ann. §  7-403 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 4 - Acquisition of Control of Insurer|Section 7-403 - Pre-Acquisition Notification Requirements

    (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.    (b)    The pre-acquisition notification must be filed at least 30 days before the acquisition subject to this subtitle is proposed to become effective.    (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.
MD. Insurance Code Ann. §  7-404 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 4 - Acquisition of Control of Insurer|Section 7-404 - Waiting Period

    (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.    (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.
MD. Insurance Code Ann. §  7-405 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 4 - Acquisition of Control of Insurer|Section 7-405 - Orders by Commissioner

    (a)    (1)    Except as provided in subsection (b) of this section, the Commissioner may enter an order under this section with respect to an acquisition subject to this subtitle if:            (i)    there is substantial evidence that the effect of the acquisition may be substantially to lessen competition in any line of insurance in the State or tend to create a monopoly; or            (ii)    the insurer fails to file adequate information in compliance with § 7-403 of this subtitle.        (2)    The order may:            (i)    require an acquiring or acquired insurer, its affiliates, or the person resulting from a merger to cease and desist from doing business in the State with respect to the line of insurance involved in the violation; or            (ii)    deny the application of an acquiring or acquired insurer for a certificate of authority.    (b)    The Commissioner may not enter an order under this section with respect to an acquisition subject to this subtitle if:        (1)    the acquisition will yield substantial economies of scale or economies in resource utilization that cannot be achieved feasibly in any other way, and public benefits from those economies outweigh the public benefits from not lessening competition; or        (2)    the acquisition will increase substantially the availability of insurance, and public benefits from that increase outweigh the public benefits from not lessening competition.    (c)    (1)    In determining whether a proposed acquisition subject to this subtitle would violate subsection (a)(1)(i) of this section, the Commissioner shall consider an acquisition that involves two or more insurers, including insurers under common ownership, management, or control, that compete in the same product and geographical market to be prima facie evidence of violation of subsection (a)(1)(i) of this section if the acquiring and acquired insurers, their affiliates, or the person resulting from a merger:            (i)    have a share of the market that exceeds the total of the two columns in the table under item (ii) of this paragraph, if more than two insurers are parties to the acquisition; or            (ii)    have the following shares of the market:
MD. Insurance Code Ann. §  7-406 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 4 - Acquisition of Control of Insurer|Section 7-406 - Penalty for Failure to File Pre-Acquisition Notification

    A person required to file a pre-acquisition notification under this subtitle or Subtitle 3 of this title that fails to file the notification and that also fails to demonstrate a good faith effort to comply with the filing requirement is subject to a penalty not exceeding $50,000.
MD. Insurance Code Ann. §  7-501 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 5 - Acquisition of Health Service Plan|Section 7-501 - Acquisition of Control of Foreign Nonprofit Health Service Plan

    (a)    This section does not apply to:        (1)    a transaction that is preempted by federal law; or        (2)    a transaction as to which:            (i)    the laws of the jurisdiction in which the nonprofit health service plan is domiciled authorize the commissioner of that jurisdiction to investigate and approve an acquisition of direct or indirect control of a nonprofit health service plan by conversion, merger, consolidation, exercise of a right to acquire, or otherwise; and            (ii)    the Commissioner:                1.    receives notice from the commissioner of the other jurisdiction about the acquisition; and                2.    has the right to request information and documents about that acquisition.    (b)    A person shall comply with the procedures required by Subtitles 3 and 4 of this title to the extent applicable before the person seeks control of a foreign nonprofit health service plan that is authorized to do business in the State under Title 4 of this article by:        (1)    making a tender for, inviting tenders of, entering into an agreement to exchange securities for, or acquiring in the open market or otherwise any voting security of the plan;        (2)    entering into any other agreement about voting securities under which the person directly or indirectly would control the plan by conversion or by exercise of a right to acquire voting securities of the plan; or        (3)    entering into an agreement to merge or consolidate with or otherwise to acquire control of the plan.    (c)    Approval by the Commissioner of an acquisition under this section is governed by § 7-306 of this title.
MD. Insurance Code Ann. §  7-502 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 5 - Acquisition of Health Service Plan|Section 7-502 - Security on Acquisition of Nonprofit Health Service Plan or Other Insurer

    (a)    This section applies to a nonprofit health service plan or insurer that is being merged or consolidated with or acquired by another person.    (b)    Current financing money that, in accordance with regulations adopted by the Health Services Cost Review Commission, is provided by a nonprofit health service plan or insurer to a hospital for discounted hospital rates is deemed to be security for the outstanding charges that the nonprofit health service plan or insurer owes to the hospital for bills or claims for services that the hospital provided before the merger, consolidation, or acquisition.
MD. Insurance Code Ann. §  7-601 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 6 - Registration of Insurers in Insurance Holding Company Systems|Section 7-601 - Registration Required

    (a)    (1)    Except as provided in subsection (b) of this section, each authorized insurer that is a member of an insurance holding company system shall register with the Commissioner in accordance with the requirements of this subtitle.        (2)    The Commissioner may allow or require any authorized insurer that is part of an insurance holding company system to register and file the information and material required under this subtitle for an affiliated insurer that is required to register under this subsection.    (b)    Subsection (a)(1) of this section does not apply to a foreign insurer that is organized in a jurisdiction that has adopted by statute or regulation disclosure requirements and standards substantially similar to those in this title.    (c)    This subtitle does not apply to an insurer or affiliate to the extent that the Commissioner determines that this subtitle is not intended to apply to the insurer or affiliate and exempts the insurer or affiliate from this subtitle by regulation or order.
MD. Insurance Code Ann. §  7-602 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 6 - Registration of Insurers in Insurance Holding Company Systems|Section 7-602 - Time for Registration

    (a)    Except as provided in subsection (b) of this section, each insurer subject to registration under this subtitle shall register with the Commissioner within 15 days after the insurer becomes subject to registration and, for each subsequent year, annually on or before May 1.    (b)    If the Commissioner extends the time for registration for good cause, the insurer shall register on or before the date the Commissioner sets.
MD. Insurance Code Ann. §  7-604 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 6 - Registration of Insurers in Insurance Holding Company Systems|Section 7-604 - Termination of Registration

    The Commissioner shall terminate the registration requirement for each insurer that demonstrates that it is no longer a member of an insurance holding company system.
MD. Insurance Code Ann. §  7-605 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 6 - Registration of Insurers in Insurance Holding Company Systems|Section 7-605 - Examination About Registration and Risk Report

    (a)    (1)    To verify the information required in the insurer’s registration statement and in the annual enterprise risk report, and any addition or amendment to the registration statement or the annual enterprise risk report, and in addition to the powers granted under §§ 2–205 through 2–209 of this article relating to the examination of insurers, the Commissioner may order an insurer subject to registration under this subtitle to produce:            (i)    those records, books, or papers in the possession of the insurer or its affiliates that are necessary to verify the registration statement; and            (ii)    additional information relevant to the registration statement.        (2)    The Commissioner shall examine the materials produced under this subsection at the time and place prescribed in §§ 2–205 through 2–209 of this article.    (b)    (1)    The Commissioner may conduct an examination under subsection (a) of this section only:            (i)    if the examination of the insurer under §§ 2–205 through 2–209 of this article is inadequate, or the interests of the policyholders of the insurer are being adversely affected; and            (ii)    within 3 years after the filing of the registration statement or the addition or amendment to the registration statement.        (2)    In a matter involving fraud, the 3–year limitation period of this subsection does not apply.    (c)    (1)    The Commissioner may retain, at the insurer’s expense, the services of accountants, attorneys, actuaries, and other experts not otherwise a part of the Commissioner’s staff as may be reasonably necessary to assist in the conduct of an examination under subsection (a) of this section.        (2)    The accountants, attorneys, actuaries, and other experts retained under this subsection are under the direction and control of the Commissioner and act only in an advisory capacity.    (d)    An insurer that produces materials for an examination under subsection (a) of this section is liable for and shall pay the expense of the examination in accordance with § 2–208 of this article.    (e)    With regard to an examination under subsection (a) of this section, the Commissioner has the authority provided under § 2–203 of this article.
MD. Insurance Code Ann. §  7-606 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 6 - Registration of Insurers in Insurance Holding Company Systems|Section 7-606 - Disclaimer of Affiliation

    (a)    An insurer, a member of an insurance holding company system, or any other person may file with the Commissioner a disclaimer of affiliation with an authorized insurer that fully discloses:        (1)    all material relationships and bases for affiliation between the person filing the disclaimer and the authorized insurer; and        (2)    the basis for disclaiming the affiliation.    (b)    (1)    Within 30 days after receipt of a filing under subsection (a) of this section, the Commissioner shall give all parties in interest notice and an opportunity to be heard.        (2)    Within 30 days after the close of the notice period under paragraph (1) of this subsection, the Commissioner may disallow a disclaimer based on specific findings of fact.        (3)    If within 30 days after the close of the notice period the Commissioner has not disallowed the disclaimer, the disclaiming party is relieved of its duty to register or report under this subtitle, and the insurer is relieved of any duty to register or report under this subtitle that arises out of the insurer’s relationship with the person filing the disclaimer.        (4)    In the event of disallowance, the disclaiming party may request an administrative hearing, which shall be granted.