reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  7-607 (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 7-607 - Failure to File Statement or Enterprise Risk Report; Penalties

    (a)    Failure to file the registration statement, summary, or enterprise risk report required by this subtitle in the time specified in this subtitle is a violation of this title.    (b)    (1)    An insurer that does not file a registration statement or summary required under § 7–603(a) of this subtitle on or before May 1 or the date the Commissioner sets in accordance with § 7–602(b) of this subtitle, may be subject to a penalty of up to:            (i)    $500 for each day from May 1 through May 10;            (ii)    $1,000 for each day from May 11 through May 31; and            (iii)    $5,000 for each day after May 31.        (2)    In determining the amount of any financial penalty to be imposed under this section, the Commissioner shall consider the following factors:            (i)    the seriousness of the violation;            (ii)    the good faith of the violator;            (iii)    the violator’s history of previous violations;            (iv)    the deleterious effect of the violation on the public and the insurance industry; and            (v)    the assets of the violator.
MD. Insurance Code Ann. §  7-608 (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 7-608 - Violation of Enterprise Risk Report Requirements

    Whenever it appears to the Commissioner that a person has committed a violation of § 7–603(h) of this subtitle that prevents a full understanding of the enterprise risk to the insurer by affiliates or by the insurance holding company system, the violation may serve as an independent basis for disapproving dividends or distributions and placing the insurer under an order of supervision in accordance with § 7–804 of this title.
MD. Insurance Code Ann. §  7-701 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 7 - Transactions Within Insurance Holding Company Systems|Section 7-701 - Effect of Subtitle

    (a)    This subtitle applies to insurers that are subject to registration under Subtitle 6 of this title.    (b)    This subtitle does not authorize an insurer that is a member of an insurance holding company system to enter into a transaction that otherwise would be contrary to law for an insurer that is not a member of the same insurance holding company system.
MD. Insurance Code Ann. §  7-702 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 7 - Transactions Within Insurance Holding Company Systems|Section 7-702 - Standards for Transactions

    Each transaction within an insurance holding company system to which an insurer subject to registration under Subtitle 6 of this title is a party is subject to the following standards:        (1)    the terms shall be fair and reasonable in light of the purposes of this title;        (2)    the records of each party shall clearly and accurately disclose the precise nature and details of the transaction, including accounting information necessary to support the reasonableness of the charges or fees to the parties;        (3)    after the transaction, including any dividend or distribution to shareholder affiliates, the insurer has assets and surplus as regards policyholders that:            (i)    bear a reasonable relation to the insurer’s outstanding liabilities; and            (ii)    are adequate to meet the insurer’s financial needs;        (4)    charges or fees for services performed shall be reasonable;        (5)    expenses incurred and payments received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied; and        (6)    agreements, including management agreements, service contracts, tax allocation agreements, or cost–sharing agreements, shall include the provisions that the Commissioner requires by regulation.
MD. Insurance Code Ann. §  7-704 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 7 - Transactions Within Insurance Holding Company Systems|Section 7-704 - Notice to Commissioner of Investment in One Corporation

    A domestic insurer shall notify the Commissioner within 30 days after making any investment in one corporation if the total investment in the corporation by the domestic insurer’s insurance holding company system exceeds 10% of the corporation’s voting securities.
MD. Insurance Code Ann. §  7-705 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 7 - Transactions Within Insurance Holding Company Systems|Section 7-705 - Regulation of Dividends and Distributions -- in General

    (a)    Except as provided in § 7-706 of this subtitle, before an insurer subject to registration under Subtitle 6 of this title pays a dividend or makes a distribution to its shareholders, the insurer shall notify the Commissioner of its intention to pay the dividend or make the distribution.    (b)    The insurer shall notify the Commissioner under subsection (a) of this section:        (1)    within 5 business days after the declaration; and        (2)    at least 10 days before the payment or distribution date.    (c)    The Commissioner shall keep the notice required by subsection (a) of this section confidential until the payment or distribution date.    (d)    If the Commissioner finds that, after the payment or distribution to shareholders under this section, the insurer’s surplus as regards policyholders would be inadequate or could lead the insurer to a hazardous financial condition, the Commissioner may order that the dividend not be paid.
MD. Insurance Code Ann. §  7-801 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 8 - Enforcement|Section 7-801 - Jurisdiction of State Courts

    Any person that obtains control of a domestic insurer is subject to the jurisdiction of the courts of the State with regard to any action, whether initiated by the Commissioner or otherwise, arising out of a violation of this title.
MD. Insurance Code Ann. §  7-802 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 8 - Enforcement|Section 7-802 - Civil Penalty

    (a)    In addition to any other penalty provided by law, a person that willfully violates this title or any regulation adopted under this title is subject to a penalty of up to $10,000 for the first day of violation and up to $1,000 for each additional day that the violation continues.    (b)    In determining the amount of any financial penalty to be imposed under this section, the Commissioner shall consider the following factors:        (1)    the seriousness of the violation;        (2)    the good faith of the violator;        (3)    the violator’s history of previous violations;        (4)    the deleterious effect of the violation on the public and the insurance industry; and        (5)    the assets of the violator.    (c)    Before imposing a penalty under this subsection, the Commissioner:        (1)    shall give the person that allegedly committed the violation notice and an opportunity for hearing; and        (2)    must find that the person willfully committed the violation.
MD. Insurance Code Ann. §  7-802.1 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 8 - Enforcement|Section 7-802.1 - Violations of Reporting and Submissions Requirements

    (a)    A director or an officer of an insurance holding company system who knowingly participates in, assents to, or allows any of the officers or agents of an insurer to engage in transactions or investments that have not been properly reported or submitted under Subtitles 6 and 7 of this title, shall pay, in the director’s or officer’s individual capacity, a civil penalty in accordance with § 7–802 of this subtitle, after notice and an opportunity for hearing before the Commissioner.    (b)    In determining the amount of the civil penalty, the Commissioner shall take into account the factors in § 7–802(b) of this subtitle.    (c)    (1)    Whenever it appears to the Commissioner that an insurer subject to this title, or a director, an officer, an employee, or an agent of the insurer, has engaged in a transaction or entered into a contract that is subject to Subtitle 7 of this title and that would not have been approved if the approval had been requested, the Commissioner may order the insurer to cease and desist immediately any further activity under that transaction or contract.        (2)    After notice and an opportunity for hearing, the Commissioner also may order the insurer to void any contracts and restore the status quo if, in the Commissioner’s judgment, the action is in the best interest of the policyholders, the creditors, or the public.
MD. Insurance Code Ann. §  7-803 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 8 - Enforcement|Section 7-803 - Unfair Trade Practices

    (a)    Any violation of this title is an unfair trade practice in the business of insurance and is subject to the provisions of Title 27 of this article.    (b)    In addition to any other penalty provided by law, with respect to a person that engages in an unfair trade practice, the Commissioner, after giving the person notice and an opportunity for a hearing, may take any or all of the following actions:        (1)    deny the person’s application for a license or certificate of authority, refuse to renew or revoke the person’s license or certificate of authority, or suspend the person’s license or certificate of authority for a period not exceeding 1 year;        (2)    proceed against the person in a court of competent jurisdiction in or outside the State to enjoin an act that would violate this title or to invalidate a transaction made in violation of this title; or        (3)    order compliance with this title, including the filing of evidence of compliance and periodic reports about that compliance, and enforce those orders by denying, refusing to renew, suspending, or revoking any license or certificate of authority or otherwise under the laws of the State.
MD. Insurance Code Ann. §  7-804 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 8 - Enforcement|Section 7-804 - Delinquency Proceedings

    If the Commissioner finds that a violation of this title impairs the financial condition of a domestic insurer so as to threaten insolvency or make the further transaction of business hazardous to policyholders, creditors, shareholders, or the public, the Commissioner may institute proceedings in accordance with Title 9, Subtitle 2 of this article to take possession of the domestic insurer’s property and conduct its business.
MD. Insurance Code Ann. §  7-806 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 8 - Enforcement|Section 7-806 - Recovery of Payments and Distributions

    (a)    (1)    Except as provided in paragraph (2) of this subsection, when an order for liquidation, conservation, or rehabilitation of a domestic insurer is entered, the receiver appointed under the order may recover for the domestic insurer the following distributions and payments made within 1 year before the petition for liquidation, conservation, or rehabilitation was filed:            (i)    from any parent corporation, holding company, affiliate, or person that otherwise controlled the domestic insurer, the amount of distributions, other than distributions of shares of the same class of stock, paid by the domestic insurer on its capital stock; and            (ii)    any payment in the form of a bonus, termination settlement, or extraordinary lump sum salary adjustment made by the domestic insurer or its subsidiaries to a director, officer, or employee.        (2)    A distribution is not recoverable under this section if the parent or affiliate shows that when the distribution was paid:            (i)    the distribution was lawful and reasonable; and            (ii)    the domestic insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the domestic insurer to fulfill its contractual obligations.        (3)    The maximum amount recoverable under this section is the amount needed in excess of all other available assets of the impaired or insolvent domestic insurer to pay the contractual obligations of the impaired or insolvent domestic insurer and to reimburse any guaranty funds.    (b)    (1)    A person that was a parent corporation, holding company, or person that otherwise controlled the domestic insurer or affiliate when a distribution was paid is liable for an amount not exceeding the distribution received.        (2)    A person that otherwise controlled the domestic insurer when a distribution was declared is liable for an amount not exceeding the amount that the person would have received in an immediate distribution.        (3)    Two or more persons that are liable with respect to the same distribution are jointly and severally liable.        (4)    To the extent that a person liable to pay claims under this subsection is insolvent or otherwise fails to pay claims due, the liable person’s parent corporation or holding company and any other person that otherwise controlled the liable person when the distribution was paid are jointly and severally liable for any resulting deficiency in the amount recovered from the domestic insurer’s parent corporation or holding company or any other person that otherwise controlled the domestic insurer.
MD. Insurance Code Ann. §  7-807 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 8 - Enforcement|Section 7-807 - Criminal Penalties; False Statements, Reports, or Filings

    (a)    (1)    Whenever it appears to the Commissioner that any insurer or any director, officer, employee, or agent of the insurer has committed a willful violation of this title or any regulation adopted or order issued under this title, the Commissioner may institute criminal proceedings in a court of competent jurisdiction against the insurer or the responsible director, officer, employee, or agent.        (2)    Any insurer that willfully violates this title or any regulation adopted or order issued under this title may be fined in accordance with subsection (b) of this section.    (b)    (1)    Any officer, director, employee, or agent of an insurance holding company system who willfully and knowingly subscribes to or makes or causes to be made any false statement, report, or filing with the intent to deceive the Commissioner in the performance of the Commissioner’s duties under this article is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $100,000 or imprisonment not exceeding 5 years or both.        (2)    Any fines imposed under this section shall be paid by the officer, director, employee, or agent in his or her individual capacity.
MD. Insurance Code Ann. §  8-101 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 1 - Broker Controlled Business|Section 8-101 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Control”, “controlling”, “controlled by”, or “under common control with” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, through ownership of voting securities or of securities convertible into voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, whether or not the power is exercised or sought to be exercised.    (c)    “Controlled insurer” means an insurer that is under the control of a controlling insurance producer.    (d)    “Controlling insurance producer” means an insurance producer that has control of a controlled insurer.
MD. Insurance Code Ann. §  8-102 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 1 - Broker Controlled Business|Section 8-102 - Scope of Subtitle

    This subtitle applies only to authorized insurers that issue policies covered by the Property and Casualty Insurance Guaranty Corporation.
MD. Insurance Code Ann. §  8-103 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 1 - Broker Controlled Business|Section 8-103 - Effect of Subtitle

    (a)    This subtitle does not affect the rights of policyholders, claimants, or creditors of a controlled insurer, or other third parties.    (b)    This subtitle does not affect the responsibility of any person to comply with applicable provisions of Title 7 of this article.
MD. Insurance Code Ann. §  8-104 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 1 - Broker Controlled Business|Section 8-104 - Presumption of Control

    (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.    (b)    The presumption of control may be rebutted by showing by a preponderance of the evidence that control does not exist in fact.    (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.
MD. Insurance Code Ann. §  8-106 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 1 - Broker Controlled Business|Section 8-106 - Placement or Acceptance of Business by Reinsurance Intermediary

    (a)    In this section, “reinsurance intermediary” means a person that acts as an insurance producer in:        (1)    soliciting, negotiating, or procuring a reinsurance contract or binder for a ceding insurer; or        (2)    accepting a reinsurance contract or binder for an assuming insurer.    (b)    This section does not apply to a reinsurance intermediary that makes a complete written disclosure to the parties of its relationship with the assuming or ceding insurer before completion of the transaction.    (c)    A reinsurance intermediary that has control of an assuming insurer may not directly or indirectly place insurance business with the assuming insurer in a transaction in which the reinsurance intermediary acts as an insurance producer for the ceding insurer.    (d)    A reinsurance intermediary that has control of a ceding insurer may not directly or indirectly accept business from the ceding insurer in a transaction in which the reinsurance intermediary acts as an insurance producer for the assuming insurer.
MD. Insurance Code Ann. §  8-107 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 1 - Broker Controlled Business|Section 8-107 - Controlled Insurers

    (a)    (1)    With respect to insurance business placed by its controlling insurance producer, the controlled insurer may not engage in a pattern of charging premiums that are unjustifiably lower than those being charged by the controlled insurer or other insurers for similar risks written during the same period and placed by noncontrolling insurance producers.        (2)    When determining whether premiums are unjustifiably lower than those prevailing in the market, the Commissioner shall take into consideration applicable industry or actuarial standards at the time the insurance business was written.    (b)    With respect to insurance business placed by its controlling insurance producer, the controlled insurer shall establish underwriting procedures and may not deviate from them.    (c)    A controlled insurer’s capitalization at the time insurance business is placed by the controlling insurance producer and with respect to that insurance business shall comply with:        (1)    criteria set by the Commissioner; and        (2)    all applicable insurance laws.
MD. Insurance Code Ann. §  8-108 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 1 - Broker Controlled Business|Section 8-108 - Records of Controlling Insurance Producer

    The controlling insurance producer shall keep records sufficient to:         (1)    demonstrate that the controlling insurance producer’s dealings with its controlled insurer were fair and comply with Title 7 of this article; and        (2)    disclose accurately the nature and details of the controlling insurance producer’s transactions with its controlled insurer, including any information that is necessary to support the charges or fees to the respective parties.
MD. Insurance Code Ann. §  8-109 (2021)
2021 Maryland Statutes|Insurance|Title 8 - Entities That Act as Insurers|Subtitle 1 - Broker Controlled Business|Section 8-109 - Violations of Subtitle

    (a)    If the Commissioner has reason to believe that a controlling insurance producer has violated or is violating this subtitle, the Commissioner shall:        (1)    serve on the controlling insurance producer a statement of charges and notice of hearing; and        (2)    hold a hearing subject to §§ 2-210 through 2-214 of this article.    (b)    An order of the Commissioner is subject to judicial review under § 2-215 of this article.    (c)    The controlling insurance producer shall reimburse the Property and Casualty Insurance Guaranty Corporation for any payments made by the Property and Casualty Insurance Guaranty Corporation for losses, loss adjustment, and administrative expenses on the insurance business placed by the controlling insurance producer in excess of gross earned premiums and investment income earned on premiums and loss reserves for the insurance business if the Commissioner finds that:        (1)    the controlling insurance producer violated this subtitle; and        (2)    the violation substantially contributed to the insolvency of the controlled insurer.    (d)    This section does not affect the right of the Commissioner to impose any other penalty provided in this article.