reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.05 - Period of Organization or Proof of Financial Worth Before Admission of Foreign Stock and Mutual Insurance Companies › Section 31.04.05.01 - Application

Current through Register Vol. 51, No. 14, July 12, 2024
A. An application of a foreign stock or mutual insurance company for a license to transact the insurance business in Maryland may not be considered until it has met the requirements of either §B or C of this regulation.
B. The foreign stock or mutual insurance company shall have continuously, actively, and successfully transacted the business of insurance for at least 2 years immediately before the making of the application. However, the Commissioner may waive the 2-year requirement, if the Commissioner considers it in the public interest. In the case of reorganization, merger, or consolidation of stock or mutual insurance companies, the surviving company or new company may, in the discretion of the Commissioner, be considered as having the age of the eldest company which is a party to the reorganization, merger, or consolidation for the purpose of complying with the requirements of this regulation.
C. In the case of a foreign stock company making application within the 2-year period in §B of this regulation, the company shall have a capital of at least $3,000,000 and a surplus of at least $4,000,000 (in excess of its capital stock), and, in the case of a foreign mutual company making application within the 2-year period in §B of this regulation, a surplus of at least $7,000,000 if the company's assets are invested substantially in accordance with the Insurance Laws of Maryland governing investments, and will be maintained on the same basis.
Agency Note: Experience has demonstrated that until a stock or mutual insurance company has been actively engaged in the business of insurance for at least 2 years, or within the 2-year period has adequately established its financial worth through the accumulation of certain minimum capital and surplus, there is not a sufficient basis upon which to form a judgment as to whether its methods and practices in the conduct of its business are such as to protect the interests of the policyholders and people of this State, or to confirm that the general fitness and experience of its officers and directors is sufficient to warrant that the business of the company will be efficiently conducted in accordance with the intent and purpose of the laws of Maryland which regulate the business of insurance, and that the public interest will not be jeopardized by admitting the company to engage in the business of insurance in this State.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.06 - Conflict of Interests › Section 31.04.06.01 - Interrogatory

Current through Register Vol. 51, No. 14, July 12, 2024
In order to assure disclosure of possible conflict of interests, foreign and domestic companies shall be able to answer in the affirmative the following interrogatory which is contained in the "General Interrogatories" section of the National Association of Insurance Commissioners (NAIC) annual statement:
"Has the reporting entity an established procedure for disclosure to its board of directors or trustees of any material interest or affiliation on the part of any of its officers, directors, trustees, or responsible employees which is in, or is likely to, conflict with the official duties of such persons"
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.06 - Conflict of Interests › Section 31.04.06.02 - Company Policy and Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A. All companies, both foreign and domestic, shall have ready for convenient inspection by examiners from this Administration both of the following:
(1) A board of directors' or trustees' resolution or bylaw setting forth the company's policy as to disclosure of a possible conflict of interest;
(2) Questionnaires completed and signed annually by officers, directors, trustees, and responsible employees.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.06 - Conflict of Interests › Section 31.04.06.03 - Sample Board of Directors' or Trustees' Resolution or Bylaw

Current through Register Vol. 51, No. 14, July 12, 2024
(1) Be It Resolved That all Officers, Directors, Trustees and Employees of the Company in their transactions with others are expected to act in the best interests of the Company and not for their own advantage.
(2) Resolved Further, That this policy requires that-
(a) Officers, Directors, Trustees and Responsible Employees and members of their families must have no relationships nor engage in any activities that might impair their independence of judgment concerning Company business of such Officers, Directors, Trustees or Responsible Employees.
(b) They must have no personal financial interests that might impair their independence of judgment or influence their decisions or actions on Company business in the direction of such personal financial interests.
(c) They must not accept gifts, benefits, or unusual hospitality that might tend to influence them in the performance of their duties.
(d) If any possible conflict of interest exists, the individual concerned must disclose the facts by completing the attached questionnaire and returning it to the secretary of the Company or an officer of the Company superior to the Secretary.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.06 - Conflict of Interests › Section 31.04.06.04 - Sample Questionnaire

Current through Register Vol. 51, No. 14, July 12, 2024
(1) Do you or does any member of your family have any relationships or engage in any activities that might impair your independence of judgment concerning Company business
Yes _______ No________
(2) Do you or does any member of your family have any personal financial interests that might impair your independence of judgment or influence your decisions or actions concerning Company business in the direction of such personal financial interests
Yes_______ No_______
(3) Have you accepted gifts, benefits, or unusual hospitality that might tend in any way to impair your independence of judgment or affect your decisions or actions concerning Company business
Yes________ No_______
(If your answer to any of the foregoing three questions is yes, please attach to this questionnaire a full explanation.)
___________________
______________________________
Dated
Signature
______________________________
Position
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.01 - Applicability

Current through Register Vol. 51, No. 14, July 12, 2024
A. This chapter does not apply to any insurer if 95 percent or more of its equity securities is owned or controlled by a parent or an affiliated insurer and the remaining securities are held of record by less than 500 persons. A domestic stock insurer which files with the Securities and Exchange Commission with respect to any class of securities forms of proxies, consents, and authorizations complying with the requirements of the Securities Exchange Act of 1934, as amended, and its applicable regulations, is exempt from the provisions of this chapter with respect to that class of securities.
B. A domestic stock insurer that has any class of equity securities held of record by 300 or more persons, or any director, officer, or employee of that insurer, or any other person, may not solicit, or permit the use of the person's name to solicit, by mail or otherwise, any proxy, consent, or authorization in respect to any class of equity securities in contravention of this regulation and Schedules A and B in Regulations .14 and .15 of this chapter.
C. Unless proxies, consents, or authorizations with respect to any class of equity securities of a domestic insurer subject to §B of this regulation are solicited by or on behalf of the management of the insurer from the holders of record of the securities in accordance with this chapter and its schedules prior to any annual or other meeting of the security holders, the insurer shall file with the Commissioner and transmit to every security holder who is entitled to vote in regard to any matter to be acted upon at the meeting and from whom a proxy is not solicited a written information statement containing the information specified in Schedule C of Regulation .16 of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.03 - Solicitations to Which Chapter Applies

Current through Register Vol. 51, No. 14, July 12, 2024
A. Regulation .10 of this chapter applies to every solicitation that is subject to Regulation .01 of this chapter.
B. Regulations .02-.09 and Regulation .11 of this chapter apply to every solicitation that is subject to Regulation .01 except the following:
(1) A solicitation made otherwise than on behalf of the issuer where the total number of persons solicited is not more than ten;
(2) A solicitation by a person with respect to securities carried in the person's name or in the name of the person's nominee (otherwise than as voting trustee), or held in the person's custody, if the person:
(a) Receives no commission or remuneration for the solicitation, directly or indirectly, other than reimbursement of reasonable expenses;
(b) Furnishes promptly to the solicited person a copy of all soliciting material with respect to the same subject matter or meeting received from all persons who shall furnish copies for that purpose and who shall, if requested, defray the reasonable expenses to be incurred in forwarding the material; and
(c) In addition, does no more than impartially instruct the person solicited to forward a proxy to the person, if any, to whom the person solicited desires to give a proxy, or impartially request from the person solicited instructions as to the authority to be conferred by the proxy and state that a proxy will be given if no instructions are received by a certain date;
(3) A solicitation by a person with respect to securities of which it is the beneficial owner;
(4) A solicitation through the medium of a newspaper advertisement which informs security holders of a source from which they may obtain copies of a proxy statement, form of proxy, and any other soliciting material, and does no more than:
(a) Name the issuer;
(b) State the reason for the advertisement; and
(c) Identify the proposal or proposals to be acted upon by security holders; and
(5) Any solicitation which the Commissioner finds for good cause should be exempted from this chapter or any part of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.05 - Requirements as to Proxy

Current through Register Vol. 51, No. 14, July 12, 2024
A. Form of Proxy.
(1) The form of proxy shall:
(a) Indicate in bold face type whether or not the proxy is solicited on behalf of the insurer's board of directors, or, if not, by whom it is solicited;
(b) Provide a specifically designated blank space for dating the proxy; and
(c) Identify clearly and impartially each matter or group of related matters intended to be acted upon, whether proposed by the issuer or by security holders.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.06 - Presentation of Information in Proxy Statement

Current through Register Vol. 51, No. 14, July 12, 2024
A. The information included in the proxy statement shall be clearly presented, the statements made shall be divided into groups according to subject matter, and the various groups of statements shall be preceded by appropriate headings.
B. All proxy statements shall disclose, under an appropriate caption, the date by which proposals of security holders intended to be presented at the next annual meeting shall be received by the issuer for inclusion in the issuer's proxy statement and form of proxy relating to that meeting. This date shall be calculated in accordance with the provisions of Regulation .09A of this chapter. If the date of the next annual meeting is subsequently advanced by more than 30 calendar days or delayed by more than 90 calendar days from the date of the annual meeting to which the proxy statement relates, the issuer shall, in a timely manner, inform security holders of the change, and the date by which proposals of security holders must be received, by any means reasonably calculated to so inform them.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.07 - Material Required to be Filed

Current through Register Vol. 51, No. 14, July 12, 2024
A. Two preliminary copies of the proxy statement and form of proxy, and any other soliciting material to be furnished to security holders with the proxy (or the information statement pursuant to Schedule C), shall be filed with the Commissioner at least 10 days before the date final copies of the material are first sent or given to security holders, or a shorter period before that date as the Commissioner may authorize upon a showing of good cause.
B. Two preliminary copies of any additional soliciting material relating to the same meeting or subject matter to be furnished to security holders after the proxy statement shall be filed with the Commissioner at least 2 days (exclusive of Saturdays, Sundays, and holidays) before the date copies of the material are first sent or given to security holders, or a shorter period before the date as the Commissioner may authorize upon a showing of good cause.
C. Two definitive copies of the proxy statement, form of proxy, and all other soliciting material (or the information statement), in the form in which the material is furnished to security holders, shall be filed with, or mailed for filing to, the Commissioner not later than the date the material is first sent or given to any security holder.
D. Copies of replies to inquiries from security holders requesting further information, and copies of communications that do no more than request that forms of proxy previously solicited be signed and returned, do not need to be filed pursuant to this regulation.
E. Despite the provisions of §§A and B of this regulation and of Regulation .12E of this chapter, copies of soliciting material in the form of speeches, press releases, and radio or television scripts may, but need not, be filed with the Commissioner before use or publication. Definitive copies, however, shall be filed with or mailed for filing to the Commissioner as required by §C of this regulation not later than the date the material is used or published. The provisions of §§A and B of this regulation and of Regulation .12E of this chapter apply, however, to any reprints or reproductions of all or any part of this material.
F. If any proxy statement, form of proxy, or other material filed pursuant to this regulation is amended or revised, one of the copies of the amended or revised material filed pursuant to this regulation shall be marked to indicate clearly and precisely the changes.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.08 - Mailing Communications for Security Holders

Current through Register Vol. 51, No. 14, July 12, 2024
A. If the management of the issuer has made or intends to make any solicitation subject to this chapter, the issuer shall perform the acts in §§B-D of this regulation requested in writing with respect to the same subject matter or meeting by any security holder who is, or security holders who are, entitled to vote at least 1 percent of the votes entitled to be voted on the matter and who shall defray the reasonable expenses to be incurred by the issuer in the performance of the act or acts requested.
B. The issuer shall mail or otherwise furnish to a security holder, as promptly as practicable after the receipt of the request:
(1) A statement of the approximate number of record owners and, to the extent known to the issuer, the approximate number of beneficial owners of any class of securities, any of whom have been or are to be solicited on behalf of the management, or any group of whom the security holder shall designate; and
(2) An estimate of the cost of mailing a specified proxy statement, form of proxy, or other communication to the owners.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.09 - Proposals of Security Holders

Current through Register Vol. 51, No. 14, July 12, 2024
A. If any holder or holders of an issuer's securities (hereafter referred to as the "proponent") notifies the issuer in writing not less than 90 days before the issuer's annual meeting of holder's intention to present a lawful proposal for action at an upcoming meeting of the issuer's security holders, and at the time of the notice the proponent is entitled to vote at least 1 percent of the votes entitled to be voted on the proposal, the issuer shall:
(1) Set forth the proposal in its proxy statement with the name and address of the proponent;
(2) Identify it in its form of proxy; and
(3) Provide for the specification of approval or disapproval of the proposal.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.10 - False or Misleading Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A proxy statement, form of proxy, notice of meeting, information statement, or other communication, written or oral, subject to this regulation may not contain any statement which, at the time and in the light of the circumstances under which it is made:
A. Is false or misleading with respect to any material fact; or
B. Omits to state any material fact necessary:
(1) In order to make the statements not false or misleading; or
(2) To correct any statement in any earlier communication with respect to the same meeting or subject matter which has become false or misleading.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.11 - Prohibition of Certain Solicitations

Current through Register Vol. 51, No. 14, July 12, 2024
A person making a solicitation that is subject to this chapter may not solicit any undated or postdated proxy, or any proxy that provides that it shall be considered to be dated as of any date after the date on which it is signed by the security holder subject to this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.12 - Special Provisions Applicable to Election Contests

Current through Register Vol. 51, No. 14, July 12, 2024
A. Solicitations to Which this Regulation Applies. This regulation applies to any solicitation by any person or group for the purpose of opposing a solicitation subject to this chapter by any other person or group with respect to the election or removal of directors at any annual or special meeting of security holders.
B. Participant or Participant in a Solicitation.
(1) In this regulation, "participant" and "participant in a solicitation" include:
(a) The issuer;
(b) Any director of the issuer, and any nominee for whose election as a director proxies are solicited; or
(c) Any other person, acting alone or with one or more other persons, committees, or groups, in organizing, directing, or financing the solicitation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.13 - Solicitations and Materials Complying With NAIC Model Regulation and Schedules

Current through Register Vol. 51, No. 14, July 12, 2024
Notwithstanding the foregoing regulations, the Commissioner may permit the solicitation of proxies, consents, or authorizations, if the manner of solicitation and the form of proxy, proxy statement, and other documents used in the solicitation comply with Regulations .14-.16 of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.14 - Schedule A

Current through Register Vol. 51, No. 14, July 12, 2024
Item 1. Revocability of Proxy.
State whether or not the person giving the proxy has the power to revoke it. If the right of revocation before the proxy is exercised is limited, or is subject to compliance with any formal procedure, briefly describe the limitation or procedure.
Item 2. Dissenters' Rights of Appraisal.
Outline briefly any rights of appraisal or similar rights of dissenters with respect to any matter to be acted upon, and indicate any statutory procedure required to be followed by dissenting security holders in order to perfect their rights. When these rights may be exercised only within a limited time after the proposal's date of adoption, the filing of a charter amendment, or other similar act, indicate whether the person solicited will be notified of the date.
Item 3. Persons Making the Solicitation.
A. Solicitations not Subject to Regulation .12 of this Chapter.
(1) State if the solicitation is made by the issuer. Give the name of any director of the issuer who has informed the issuer in writing that the director intends to oppose an action intended to be taken by the issuer, and indicate the action which the director intends to oppose.
(2) If the solicitation is made by someone other than by the issuer, state the names of the persons by whom and on whose behalf it is made.
(3) If the solicitation is to be made by other than the use of the mails, describe the methods to be employed. If the solicitation is to be made by specially engaged employees or paid solicitors, state:
(a) The material features of any contract or agreement for the solicitation and identify the parties; and
(b) The cost or anticipated cost.
(4) State the names of the persons who will bear the cost of solicitation, directly or indirectly.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.15 - Schedule B

Current through Register Vol. 51, No. 14, July 12, 2024
INFORMATION TO BE INCLUDED IN STATEMENTS FILED BY OR ON BEHALF OF A PARTICIPANT (OTHER THAN THE ISSUER) IN A PROXY SOLICITATION IN AN ELECTION CONTEST
Item 1. Issuer.
State the name and address of the Issuer.
Item 2. Identity and Background.
A. State the following:
(1) Your name and business address;
(2) Your present principal occupation or employment and the name, principal business, and address of any corporation or other organization in which the employment is carried on.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.07 - Proxies, Consents, and Authorizations of Domestic Stock Insurers › Section 31.04.07.16 - Schedule C

Current through Register Vol. 51, No. 14, July 12, 2024
INFORMATION REQUIRED IN INFORMATION STATEMENT
Note: Where any item, other than Item 5, calls for information with respect to any matter to be acted upon at the meeting, the item need be answered only with respect to proposals to be made by the issuer.
Item 1. Information Required by Items of Schedule 14A.
Furnish the information called for by all of the items of Schedule A (other than Items 1, 3, and 4) that would be applicable to any matter to be acted upon at the meeting if proxies were to be solicited in connection with the meeting.
Item 2. Statement That Proxies Are Not Solicited.
The following statement shall be set forth on the first page of the information statement in bold face type:
WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.
Item 3. Date, Time, and Place of Meeting.
State the date, time, and place of the meeting of security holders, unless the information is otherwise disclosed in material furnished to security holders with the information statement.
Item 4. Interest of Certain Persons in or Opposition to Matters to Be Acted Upon.
A. Describe briefly any substantial interest, direct or indirect, by security holdings or otherwise, of each of the following persons in any matter to be acted upon, other than elections to office:
(1) Each person who has been a director or officer of the issuer at any time since the beginning of the last fiscal year;
(2) Each nominee for election as a director of the issuer;
(3) Each associate of the foregoing persons.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.09 - Custody Agreements and the Use of Clearing Corporations › Section 31.04.09.01 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) Agent.
(a) "Agent" means:
(i) A qualified bank or qualified broker/dealer that maintains an account in its name in a clearing corporation or that is a member of the Federal Reserve System and through which a custodian participates in a clearing corporation; or
(ii) With respect to securities issued by institutions organized or existing under the laws of a foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business in the foreign country, a corporation that is organized or existing under the laws of a foreign country and that is legally qualified under those laws to accept custody of securities.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.09 - Custody Agreements and the Use of Clearing Corporations › Section 31.04.09.02 - Custody Agreement; Filing with Commissioner

Current through Register Vol. 51, No. 14, July 12, 2024
A. Custody Agreement.
(1) A carrier may not register securities in the name of a nominee or deposit securities with a custodian unless the carrier provides for the custody of the securities by entering into a written agreement with the custodian that:
(a) Is filed with the Commissioner pursuant to §B of this regulation; and
(b) Complies with Regulation .03 of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.09 - Custody Agreements and the Use of Clearing Corporations › Section 31.04.09.03 - Terms of Custody Agreement

Current through Register Vol. 51, No. 14, July 12, 2024
A. The terms of a custody agreement shall comply with the requirements of this regulation.
B. Certificated securities held by the custodian shall be held separate from the securities of the custodian and of all of its other customers.
C. Identification of Securities on Custodian's Records.
(1) Securities held indirectly by the custodian and securities in a clearing corporation shall be separately identified on the custodian's official records as being owned by the carrier.
(2) The records shall identify which custodied securities are held by the custodian or its agent and which securities are in a clearing corporation or in the Federal Reserve book-entry system.
(3) If the securities are in a clearing corporation, the records also shall identify:
(a) Where the securities are;
(b) If in a clearing corporation, the name of the clearing corporation; and
(c) If through an agent, the name of the agent.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.09 - Custody Agreements and the Use of Clearing Corporations › Section 31.04.09.04 - Existing Agreements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Compliance and Certification Required. For an existing custody agreement entered into before the effective date of this chapter, a carrier shall:
(1) Bring the existing custody agreement into compliance with the requirements of Regulation .03 of this chapter by the earlier of:
(a) The renewal date of the custody agreement; or
(b) 12 months after the effective date of this chapter; and
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.10 - Domestic Insurers-Insider Trading › Section 31.04.10.01 - General

Current through Register Vol. 51, No. 14, July 12, 2024
The purchase and sale of equity securities issued by domestic stock insurance companies or their affiliates by the beneficial owners, directors, or officers of these companies are subject to regulation under these regulations. In respect of "short-swing" purchase and sale, or sale and purchase, of equity securities by persons regulated by Insurance Article, §
									3-119, Annotated Code of Maryland, the basic purpose is to prevent "insiders" from retaining profits realized on the equity securities, usually stocks, on the basis of information not available to others but Insurance Article, §
									3-119, Annotated Code of Maryland, is so worded as to apply whether or not in a particular transaction the "insider" has any "inside" information and without consideration of any intention he may have as to holding the security bought or repurchasing the security sold.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.10 - Domestic Insurers-Insider Trading › Section 31.04.10.02 - Conformity to Federal Rule

Current through Register Vol. 51, No. 14, July 12, 2024
Any beneficial owners, directors, or officers of the insurer satisfying the requirements of the U.S. Securities & Exchange Commission on insider trading (see SEC reg. 240.16b-1 et seq.) will be considered to have complied with the "insider" provisions and requirements of this chapter and of Insurance Article, §
									3-119(e), Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.10 - Domestic Insurers-Insider Trading › Section 31.04.10.03 - Exemption from Insurance Article, Section3-119(e), Annotated Code of Maryland, of Certain Transactions Effected in Connection with a Distribution

Current through Register Vol. 51, No. 14, July 12, 2024
A. Any transaction of purchase and sale, or sale and purchase, of a security which is effected in connection with the distribution of a substantial block of securities shall be exempt from the provisions of Insurance Article, §
									3-119(e), Annotated Code of Maryland, to the extent specified in this chapter, as not comprehended within the purpose of Insurance Article, §
									3-119(e), upon the following conditions:
(1) The person effecting the transaction is engaged in the business of distributing securities and is participating in good faith, in the ordinary course of this business, in the distribution of the block of securities;
(2) The security involved in the transaction is:
(a) A part of the block of securities and is acquired by the person effecting the transaction, with a view to distribution thereof, from the issuer or other person on whose behalf the securities are being distributed or from a person who is participating in good faith in the distribution of the block of securities; or
(b) A security purchased in good faith by or for the account of the person effecting the transaction for the purpose of stabilizing the market price of securities of the class being distributed or to cover an over-allotment or other short position created in connection with the distribution: and
(3) Other persons not within the purview of Insurance Article, §
										3-119(e), Annotated Code of Maryland, are participating in the distribution of the block of securities on terms at least as favorable as those on which the person is participating and to an extent at least equal to the aggregate participation of all persons exempted from the provisions of Insurance Article, §
										3-119(e), by this section of this regulation. However, the performance of the functions of manager of a distributing group and the receipt of a bona fide payment for performing these functions may not preclude an exemption which would otherwise be available under this section of this regulation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.10 - Domestic Insurers-Insider Trading › Section 31.04.10.05 - Exemption from Insurance Article, Section3-119(e), Annotated Code of Maryland, of Certain Transactions in which Securities Are Received by Redeeming Other Securities

Current through Register Vol. 51, No. 14, July 12, 2024
Any acquisition of an equity security (other than a convertible security or right to purchase a security) by a director or officer of the issuer issuing the security shall be exempt from the operation of Insurance Article, §
									3-119(e), Annotated Code of Maryland, upon condition that:
A. The equity security is acquired by way of redemption of another security of an issuer substantially all of whose assets other than cash (or government bonds) consist of securities of the issuer of the equity security so acquired, and which:
(1) Represented substantially and in practical effect a stated or readily ascertainable amount of the equity security;
(2) Had a value which was substantially determined by the value of the equity security; and
(3) Conferred upon the holder the right to receive the equity security without the payment of any consideration other than the security redeemed;
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.10 - Domestic Insurers-Insider Trading › Section 31.04.10.06 - Exemption from Insurance Article, Section3-119(e), Annotated Code of Maryland, of Long-Term Profits Incident to Sales within 6 Months of the Exercise of an Option

Current through Register Vol. 51, No. 14, July 12, 2024
A. To the extent specified in §B of this regulation, the Insurance Commissioner hereby exempts as not comprehended within the purposes of Insurance Article, §
									3-119(e), Annotated Code of Maryland, any transaction or transactions involving the purchase and sale, or sale and purchase, of any equity security if the purchase is pursuant to the exercise of an option or similar right either acquired:
(1) More than 6 months before its exercise; or
(2) Pursuant to the terms of an employment contract entered into more than 6 months before its exercise.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.10 - Domestic Insurers-Insider Trading › Section 31.04.10.07 - Exemption from Insurance Article, Section3-119(e), Annotated Code of Maryland, of Certain Acquisitions and Dispositions of Securities Pursuant to Merger or Consolidations

Current through Register Vol. 51, No. 14, July 12, 2024
A. The following transactions shall be exempt from the provisions of Insurance Article, §
									3-119(e), Annotated Code of Maryland, as not comprehended within the purpose of that statute:
(1) The acquisition of a security of an issuer pursuant to a merger or consolidation, in exchange for a security of a company which, before the merger or consolidation, owned 85 percent or more of the equity securities of all other companies involved in the merger or consolidation except in the case of consolidation the resulting company;
(2) The disposition of a security, pursuant to a merger or consolidation of an issuer which, before the merger or consolidation, owned 85 percent or more of the equity securities of all other companies involved in the merger or consolidation except in the case of consolidation, the resulting company;
(3) The acquisition of a security of an issuer pursuant to a merger or consolidation, in exchange for a security of a company which, before the merger or consolidation, held over 85 percent of the combined assets of all the companies undergoing merger or consolidation, computed according to their book values before the merger or consolidation as determined by reference to their most recent available financial statements for a 12-month period before the merger or consolidation; or
(4) The disposition of a security, pursuant to a merger or consolidation, of an issuer which, before the merger or consolidation, held over 85 percent of the combined assets of all the companies undergoing merger or consolidation, computed according to their book values before the merger or consolidation, as determined by reference to their most recent available financial statements for a 12-month period before the merger or consolidation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.10 - Domestic Insurers-Insider Trading › Section 31.04.10.08 - Exemption from Insurance Article, Section3-119(e), Annotated Code of Maryland, of Transactions Involving the Deposit or Withdrawal of Equity Securities under a Voting Trust or Deposit Agreement

Current through Register Vol. 51, No. 14, July 12, 2024
Any acquisition or disposition of an equity security involved in the deposit of the security under, or the withdrawal of the security from, a voting trust or deposit agreement, and the acquisition or disposition in connection therewith of the certificate representing the security, shall be exempt from the operation of Insurance Article, §
									3-119(e), Annotated Code of Maryland, if substantially all of the assets held under the voting trust or deposit agreement immediately after the deposit or immediately before the withdrawal, as the case may be, consisted of equity securities of the same class as the security deposited or withdrawn. However, this regulation does not apply to the extent that there shall have been either:
A. A purchase of an equity security of the class deposited and a sale of any certificate representing an equity security of the class; or
B. A sale of an equity security of the class deposited and a purchase of any certificate representing an equity security of the class (otherwise than in a transaction involved in the deposit or withdrawal or in a transaction exempted by any other section of any regulation under Insurance Article, §
									3-119(e), Annotated Code of Maryland, within a period of less than 6 months which includes the date of the deposit or withdrawal.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.10 - Domestic Insurers-Insider Trading › Section 31.04.10.09 - Exemption from Insurance Article, Section3-119(e), Annotated Code of Maryland, of Transactions Involving the Conversion of Equity Securities

Current through Register Vol. 51, No. 14, July 12, 2024
A. Any acquisition or disposition of an equity security involved in the conversion of an equity security which, by its terms or pursuant to the terms of the corporate charter or other governing instruments, is convertible immediately or after a stated period of time into another equity security of the same issuer, shall be exempt from the operation of Insurance Article, §
									3-119(e), Annotated Code of Maryland. However, this regulation does not apply to the extent that there shall have been either:
(1) A purchase of any equity security of the class convertible (including any acquisition of or change in a conversion privilege) and a sale of any equity security of the class issuable upon conversion; or
(2) A sale of any equity security of the class convertible and any purchase of any equity security issuable upon conversion (otherwise than in a transaction involved in the conversion or in a transaction exempted by any other section of any regulation under Insurance Article, §
										3-119(e), Annotated Code of Maryland, within a period of less than 6 months which includes the date of conversion.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.12 - Insurer Transactions With Unappointed Persons-General Business Practices › Section 31.04.12.01 - Methodology

Current through Register Vol. 51, No. 14, July 12, 2024
The methodology in Regulation .02 of this chapter shall be used to determine whether an insurer has engaged in accepting business from a person who does not have an appointment from the insurer with such frequency as to constitute a general business practice within the meaning of Insurance Article, §
									4-113(b)(11), Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.12 - Insurer Transactions With Unappointed Persons-General Business Practices › Section 31.04.12.02 - Frequency of Practice

Current through Register Vol. 51, No. 14, July 12, 2024
It shall be considered prima facie evidence of a general business practice of violating Insurance Article, §
									4-113(b)(11), Annotated Code of Maryland, if in any 12-month period it is found that the number of transactions violating Insurance Article, §
									4-113(b)(11), by foreign insurers for policies issued to Maryland residents, or by domestic insurers for all policies written, equals or exceeds the following:
A. Five transactions with a single person who does not have an appointment from the insurer; or
B. One or more transactions with five or more people who do not have appointments from the insurer.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.12 - Insurer Transactions With Unappointed Persons-General Business Practices › Section 31.04.12.03 - Overcoming the Presumption

Current through Register Vol. 51, No. 14, July 12, 2024
An insurer may overcome the presumption that a general business practice of violating Insurance Article, §
									4-113(b)(11), Annotated Code of Maryland, exists by presenting evidence to the Commissioner relating to the insurer's intent, the nature of the violations, and any other relevant factors.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.13 - Insurance-Producer-Controlled Business › Section 31.04.13.01 - Applicability

Current through Register Vol. 51, No. 14, July 12, 2024
These regulations are applicable to the written contract provisions that are required within an insurance-producer-controlled holding company system involving a controlling insurance producer and a controlled authorized insurer that issues policies covered by the Property and Casualty Insurance Guaranty Corporation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.13 - Insurance-Producer-Controlled Business › Section 31.04.13.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Comparable business" includes the same lines and kinds of insurance, same kinds of risks, similar policy limits, and similar quality of business.
(2) "Control", including the terms "controlling", "controlled by", and "under common control with", has the meaning stated in Insurance Article, §
										8-101(b), Annotated Code of Maryland.
(3) "Insurance holding company system" has the meaning stated in Insurance Article, §
										7-101(e), Annotated Code of Maryland.
(4) "Insurer" means an insurer described in Insurance Article, §
										8-102, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.13 - Insurance-Producer-Controlled Business › Section 31.04.13.03 - Terms of Contract

Current through Register Vol. 51, No. 14, July 12, 2024
A. The terms of the contract required under this regulation between a controlling insurance producer and a controlled insurer within an insurance-producer-controlled holding company system shall comply with §B of this regulation.
B. The contract required under this regulation shall provide at a minimum that:
(1) The controlled insurer may:
(a) Terminate the contract for cause upon written notice to the controlling insurance producer; and
(b) Suspend immediately the authority of the controlling insurance producer to write business during the pendency of any dispute regarding the termination;
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.14 - Life and Health Insurance Guaranty Corporation Coverage-Notice Requirements › Section 31.04.14.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Corporation" means the Life and Health Insurance Guaranty Corporation.
(2) "Health benefit plan" has the meaning stated in Insurance Article, §
										9-401(g), Annotated Code of Maryland.
(3) Member Insurer.
(a) "Member insurer" means any person authorized in this State to transact:
(i) Direct nongroup life insurance, health insurance, annuities (including structured settlements), and supplemental policies or contracts, or health maintenance organization business to which Title 9, Subtitle 4 of the Insurance Article applies; or
(ii) Certificates under direct group policies or contracts.
(b) "Member insurer" does not include:
(i) A fraternal benefit society;
(ii) A mandatory state pooling plan;
(iii) A mutual assessment company or any entity that operates on an assessment basis;
(iv) An insurance exchange; or
(v) An organization which is permitted to issue charitable gift annuity agreements.
(4) "Resident" means a person who resides in this State at the time a member insurer is determined to be an impaired insurer or an insolvent insurer, and to whom a contractual obligation is owed.
(5) "Supplemental contract" means an agreement entered into for the distribution of policy or contract proceeds.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.15 - Antifraud Plans › Section 31.04.15.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
The purpose of this chapter is to establish minimum standards for antifraud plans as required by Insurance Article, §
									27-803, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.15 - Antifraud Plans › Section 31.04.15.03 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Administration" means the Maryland Insurance Administration.
(2) "Antifraud plan" means antifraud plans as provided for in Insurance Article, §
										27-803, Annotated Code of Maryland.
(3) "Commissioner" means the Insurance Commissioner of Maryland.
(4) Insurer.
(a) "Insurer" means authorized insurers and includes dental plans, fraternal benefit societies, the Maryland Automobile Insurance Fund, health maintenance organizations, nonprofit health service plans, and third party administrators.
(b) "Insurer" does not include reinsurers.