(a) A domestic mutual insurer may become a stock insurer under a plan and procedure that is approved by the Commissioner. (b) The Commissioner may not approve a plan or procedure for conversion of a mutual insurer to a stock insurer unless: (1) the plan or procedure is equitable to the insurer’s members; (2) the plan is subject to […]
(a) (1) In this section the following words have the meanings indicated. (2) “Mutual insurance holding company” means a nonstock corporation that: (i) is incorporated in the State in accordance with a plan of reorganization adopted and approved under this section; and (ii) is the parent of a reorganized stock insurer. (3) “Reorganized stock insurer” means the stock corporation into which […]
(a) Except as otherwise provided in this section, the provisions of the Corporations and Associations Article on the consolidation, merger, and share exchange of stock corporations apply to the consolidations, mergers, and share exchanges of domestic stock insurers and domestic and foreign stock insurers. (b) The articles of consolidation, merger, or share exchange of stock insurers must […]
(a) (1) One or more mutual insurers organized under the laws of any state may consolidate or merge with one or more domestic mutual insurers to form a domestic mutual insurer. (2) The successor mutual insurer may continue the corporate existence of one or more of the domestic parties to the consolidation or merger. (b) (1) Mutual insurers consolidating or […]
(a) Unless otherwise prohibited under this article and subject to the prior approval of the Commissioner, one or more mutual insurers organized under the laws of any state may form a business combination with one or more domestic mutual insurers for the purpose of purchasing reinsurance or other financial services. (b) (1) Mutual insurers forming a business combination […]
(a) A domestic stock insurer may reinsure with another insurer all or substantially all of its insurance in force or a major class of its insurance in force by an agreement of bulk reinsurance. (b) (1) An agreement of bulk reinsurance is not effective unless it is filed with and approved by the Commissioner. (2) The Commissioner shall approve […]
(a) After compliance with this section, a domestic mutual insurer may reinsure with a stock insurer or mutual insurer all or substantially all of its insurance in force or a major class of its insurance in force by an agreement of bulk reinsurance. (b) (1) An agreement of bulk reinsurance is not effective unless it is filed with […]
(a) (1) A foreign insurer authorized to engage in the insurance business in the State may become a domestic insurer by: (i) complying with all requirements of the law relating to the formation and organization of a domestic insurer; and (ii) designating its principal place of business in the State. (2) On becoming a domestic insurer, the insurer: (i) is entitled […]
(a) (1) In this section the following words have the meanings indicated. (2) “Offer to sell” has the meaning stated in the Maryland Securities Act. (3) “Register” means to register securities with the Division of Securities in the Office of the Attorney General in accordance with §§ 11–502 and 11–504 of the Corporations and Associations Article. (4) “Sale” has the […]
(a) In this section, “reciprocating state” means a state under the laws of which a prohibition on solicitation similar to that imposed against domestic insurers under this section is imposed on and enforced against insurers domiciled in that state. (b) A domestic insurer may not knowingly solicit insurance business in a reciprocating state in which the domestic […]
