reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  6-303 (2021)
2021 Maryland Statutes|Insurance|Title 6 - Taxes and Fees|Subtitle 3 - Retaliation|Section 6-303 - Retaliation

    (a)    When by or pursuant to the laws of any other state or foreign country any taxes, licenses and other fees other than fees similar to the assessment fee established under Title 2, Subtitle 5 of this article, in the aggregate, and any fines, penalties, deposit requirements or other material obligations, prohibitions or restrictions are or would be imposed upon Maryland insurers, or upon the insurance producers or representatives of such insurers, which are in excess of such taxes, licenses and other fees, in the aggregate, or which are in excess of the fines, penalties, deposit requirements or other obligations, prohibitions, or restrictions directly imposed upon similar insurers, or upon the insurance producers or representatives of such insurers, of such other state or country under the statutes of this State, so long as such laws of such other state or country continue in force or are so applied, the same taxes, licenses and other fees, in the aggregate, or fines, penalties or deposit requirements or other material obligations, prohibitions, or restrictions of whatever kind shall be imposed by the Commissioner upon the insurers, or upon the insurance producers or representatives of such insurers, of such other state or country doing business or seeking to do business in Maryland.    (b)    For the purposes of this subtitle, any tax, license or other fee or other obligation imposed by a political subdivision or agency of another state or country upon Maryland insurers or their insurance producers or representatives shall be deemed to be imposed by that state or country.
MD. Insurance Code Ann. §  6-304 (2021)
2021 Maryland Statutes|Insurance|Title 6 - Taxes and Fees|Subtitle 3 - Retaliation|Section 6-304 - Penalty and Interest

    All taxes imposed by this subtitle that are not paid within 30 days after the Commissioner issues the notice of the amount due are subject to a penalty of 5% and interest at the rate determined under § 13-604 of the Tax - General Article for each month after the date of the notice that the tax was due.
MD. Insurance Code Ann. §  6-305 (2021)
2021 Maryland Statutes|Insurance|Title 6 - Taxes and Fees|Subtitle 3 - Retaliation|Section 6-305 - Referral to Central Collection Unit

    Unless the Administration and the Central Collection Unit of the Department of Budget and Management agree otherwise, the Administration may not refer to the Unit any action to recover money under this subtitle.
MD. Insurance Code Ann. §  7-101 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 1 - Definitions; General Provisions|Section 7-101 - Definitions

    (a)    In this title the following words have the meanings indicated.    (b)    “Affiliate” means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another person.    (c)    “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 unless the power is the result of an official position with or corporate office held by the person.    (d)    (1)    “Enterprise risk” means any activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect on the financial condition or liquidity of the insurer or its insurance holding company system as a whole.        (2)    “Enterprise risk” includes anything that would:            (i)    cause the insurer’s risk based capital to fall to or below a company action level under Title 4, Subtitle 3 of this article; or            (ii)    cause the insurer to be in a hazardous financial condition under § 9–102 of this article.    (e)    “Insurance holding company” means a person that directly or indirectly controls an insurer or controls a person that controls an insurer.    (f)    “Insurance holding company system” means two or more affiliates, at least one of which is an insurer.    (g)    “Subsidiary” means an affiliate of a person that, directly or indirectly, through one or more intermediaries, is controlled by that person.    (h)    “Ultimate controlling person” means the person within a holding company system that is not controlled by any other person.
MD. Insurance Code Ann. §  7-102 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 1 - Definitions; General Provisions|Section 7-102 - Legislative Findings; Statement of Policy

    (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;        (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.
MD. Insurance Code Ann. §  7-103 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 1 - Definitions; General Provisions|Section 7-103 - Scope of Title

    (a)    Except as otherwise specifically provided, the provisions of this title are intended to apply to authorized insurers.    (b)    The provisions of this title that apply to an authorized insurer or a domestic insurer also apply to:        (1)    a nonprofit health service plan licensed under Title 14, Subtitle 1 of this article; and        (2)    a mutual insurance holding company formed under § 3-121.1 of this article.
MD. Insurance Code Ann. §  7-104 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 1 - Definitions; General Provisions|Section 7-104 - 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 or person does not have control of the insurer or person.        (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 or person does have control of the insurer or person.
MD. Insurance Code Ann. §  7-105 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 1 - Definitions; General Provisions|Section 7-105 - Standards for Reasonableness of Assets and Surplus as Regards Policyholders

    (a)    For purposes of this title, in determining whether an insurer’s assets and surplus as regards policyholders are reasonable in relation to the insurer’s outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered:        (1)    the size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force, and other appropriate criteria;        (2)    the extent to which the insurer’s business is diversified among the several lines of insurance;        (3)    the number and size of risks insured in each line of insurance;        (4)    the geographical dispersion of the insurer’s insured risks;        (5)    the nature and extent of reinsurance of the insurer’s risks;        (6)    the quality, diversification, and liquidity of the insurer’s investment portfolio;        (7)    the recent past and projected future trends in the size of the insurer’s surplus as regards policyholders;        (8)    the surplus as regards policyholders maintained by comparable insurers;        (9)    the quality and liquidity of investments in and other transactions with affiliates;        (10)    the adequacy of the reserves of the insurer;        (11)    the quality of the earnings of the insurer and the extent to which the reported earnings include extraordinary items; and        (12)    the recent past and projected future trends in the size and quality of the insurer’s investment portfolio.    (b)    The Commissioner may discount an investment or treat an investment under subsection (a)(9) of this section as a nonadmitted asset for purposes of determining the adequacy of surplus as regards policyholders whenever the investment so warrants.
MD. Insurance Code Ann. §  7-106 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 1 - Definitions; General Provisions|Section 7-106 - Confidentiality

    (a)    Except as provided in subsections (b) and (c) of this section or otherwise by law, all information and documents that are filed with the Commissioner in compliance with the requirements of this title or that are reported to, obtained by, or otherwise disclosed to the Commissioner or any other person in the course of an examination or investigation made under this title:        (1)    are confidential material;        (2)    are not subject to subpoena;        (3)    may not be made public by the Commissioner, the National Association of Insurance Commissioners, or any other person; and        (4)    are not subject to discovery or admissible in evidence in any civil action.    (b)    Material that otherwise is confidential under subsection (a) of this section may be made public by any person who has received the prior written consent of the person to whom the material relates.    (c)    If, after giving the person to whom the material relates notice and an opportunity to be heard, the Commissioner determines that it is in the interest of the policyholders, stockholders, or the public to make public any material relating to the person that otherwise is confidential under subsection (a) of this section, the Commissioner may make public all or part of the material in an appropriate manner.
MD. Insurance Code Ann. §  7-107 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 1 - Definitions; General Provisions|Section 7-107 - Right to Hearing and Appeal

    An insurer aggrieved by an order of the Commissioner under this title has the right to a hearing and the right to appeal from the action of the Commissioner under §§ 2-210 through 2-215 of this article.
MD. Insurance Code Ann. §  7-108 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 1 - Definitions; General Provisions|Section 7-108 - Powers, Remedies, Procedures, and Penalties Additional to Others

    The powers, remedies, procedures, and penalties provided in this title are in addition to any other powers, remedies, procedures, and penalties otherwise provided by law.
MD. Insurance Code Ann. §  7-109 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 1 - Definitions; General Provisions|Section 7-109 - Conflict With Other Laws

    All laws and parts of laws of the State that are inconsistent with this title are superseded to the extent of the inconsistency.
MD. Insurance Code Ann. §  7-201 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 2 - Acquisitions and Investments -- in General|Section 7-201 - Authority to Acquire Subsidiary

    (a)    In addition to any other investment allowed elsewhere in this article, a domestic insurer, either alone or with another person, may invest in or otherwise acquire a subsidiary that engages in or is registered to engage in one or more of the following insurance businesses or business activities that are ancillary to an insurance business:        (1)    conducting an insurance business that is authorized by the jurisdiction where the subsidiary is incorporated;        (2)    acting as an insurance producer for its parent, its parent’s insurer subsidiaries, or its parent’s intermediate insurer subsidiaries;        (3)    investing, reinvesting, or trading in securities for itself, its affiliate, its parent, or another subsidiary of its parent;        (4)    managing an investment company that is subject to the Investment Company Act of 1940, including managing related sales and services of the investment company;        (5)    acting as a broker–dealer that is subject to the Securities Exchange Act of 1934;        (6)    providing investment advice to governments, governmental units, corporations, or other organizations or groups;        (7)    performing other services related to the operations of an insurance business, including actuarial, loss prevention, safety engineering, data processing, accounting, claims, appraisal, and collection services;        (8)    owning and managing assets that its parent may own and manage;        (9)    acting as administrative agent for a governmental unit that performs an insurance function;        (10)    financing insurance premiums;        (11)    conducting any other business activity that is reasonably ancillary to an insurance business; or        (12)    owning one or more corporations engaged exclusively in or organized to engage exclusively in one or more of the business activities specified in this section.    (b)    Subject to the approval of the Commissioner and to the provisions of this title, a domestic mutual insurer may acquire or form a subsidiary insurance holding company.
MD. Insurance Code Ann. §  7-203 (2021)
2021 Maryland Statutes|Insurance|Title 7 - Maryland Insurance Acquisitions Disclosure and Control Act|Subtitle 2 - Acquisitions and Investments -- in General|Section 7-203 - Disposal of Investments When Control Ends

    (a)    (1)    Except as provided in subsection (b) of this section, within 3 years after a domestic insurer ends its control of a subsidiary, the domestic insurer shall dispose of all investments in the subsidiary that were made under § 7-202 of this subtitle.        (2)    The Commissioner may extend the time for disposal of the investments.    (b)    A domestic insurer is not required to dispose of an investment under subsection (a) of this section if, after the investment is made:        (1)    the investment meets the requirements for investment under another provision of this article; and        (2)    the domestic insurer notifies the Commissioner that the investment meets the other requirements.
MD. Insurance Code Ann. §  7-301 (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 7-301 - Scope of Subtitle

    (a)    Except as otherwise provided in this section, this subtitle applies to any purchase, exchange, merger, or other transaction that would result in the acquisition of direct or indirect control of a domestic insurer or of an insurance holding company controlling a domestic insurer.    (b)    This subtitle does not apply to an offer for or invitation for tender of voting securities, or to an agreement to exchange securities for or otherwise to acquire control of a domestic insurer or of an insurance holding company controlling a domestic insurer, to the extent that the Commissioner determines that this subtitle is not intended to apply to the transaction and exempts the transaction from this subtitle by regulation or order.    (c)    This subtitle does not apply to a securities broker who, while acting in the usual and customary broker’s function, holds less than 20% of the voting securities of an insurer or of a person controlling an insurer.    (d)    This subtitle does not apply to the issuer of securities that makes a tender offer for, invites tenders of, enters into an agreement to exchange securities for, or otherwise acquires any voting security or security convertible into voting security of a domestic insurer or of an insurance holding company controlling a domestic insurer.
MD. Insurance Code Ann. §  7-302 (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 7-302 - Compliance With Subtitle Required

    With respect to a transaction subject to this subtitle, a person must comply with all requirements of this subtitle before the person:        (1)    makes a tender offer for, invites tenders of, enters into an agreement to exchange securities for, or otherwise acquires any voting security or security convertible into voting security of a domestic insurer, or a person, including an insurance holding company, that controls a domestic insurer; or        (2)    makes an agreement to merge with or otherwise to acquire control of a domestic insurer, or a person, including an insurance holding company, that controls a domestic insurer.
MD. Insurance Code Ann. §  7-303 (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 7-303 - Pre-Acquisition or Pre-Divestiture Notification

    (a)    With respect to a transaction subject to this subtitle, a person seeking to acquire control of a domestic insurer must file with the Commissioner the pre–acquisition notification required under Subtitle 4 of this title.    (b)    The pre–acquisition notification must be filed at least 30 days before a transaction subject to this subtitle is proposed to become effective.    (c)    The Commissioner may impose sanctions under § 7–405 of this title for failure to file the information required under subsection (a) of this section.    (d)    (1)    Any person that controls a domestic insurer seeking to divest its controlling interest in the domestic insurer shall file a confidential notice of its proposed divestiture with the Commissioner at least 30 days before the proposed divestiture and provide a copy of the notice to the insurer.        (2)    The Commissioner shall determine those instances in which the party seeking to divest a controlling interest in an insurer must file for and obtain approval of the transaction.        (3)    The information regarding the divestiture shall remain confidential until the conclusion of the transaction unless, in the Commissioner’s discretion, the Commissioner determines that confidential treatment will interfere with enforcement of this section.        (4)    Unless the Commissioner determines otherwise, this subsection does not apply if the statement required by subsection (a) of this section is filed.
MD. Insurance Code Ann. §  7-305 (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 7-305 - Invitations for Tenders and Agreements

    (a)    At the time a person files the statement required by § 7-304 of this subtitle, the person shall:        (1)    file with the Commissioner:            (i)    all invitations for tenders or advertisements making a tender offer or inviting tenders of voting securities of the domestic insurer or insurance holding company controlling the domestic insurer made by or for the person; and            (ii)    any agreement to:                1.    exchange or otherwise acquire securities of the domestic insurer or insurance holding company controlling the domestic insurer; or                2.    merge with or otherwise acquire control of the domestic insurer or insurance holding company controlling the domestic insurer; and        (2)    send to the domestic insurer or insurance holding company controlling the domestic insurer:            (i)    copies of the documents specified in item (1) of this subsection; and            (ii)    any information contained in the statement filed under § 7-304 of this subtitle that the Commissioner requires by regulation.    (b)    (1)    By regulation, the Commissioner may set requirements that the Commissioner considers necessary or appropriate in the public interest or for the protection of policyholders for the contents of:            (i)    additional materials inviting tender offers after the initial invitations; and            (ii)    amendments to agreements described in subsection (a)(1)(ii) of this section.        (2)    The additional materials and amendments shall contain the information that the Commissioner requires.        (3)    The person required to file a statement under § 7-304 of this subtitle shall file with the Commissioner the additional materials and amendments required by paragraph (1) of this subsection and send copies to the domestic insurer or insurance holding company controlling the domestic insurer no later than the date that:            (i)    copies of the material are first published or sent or given to security holders; or            (ii)    the amendment is entered into.