§ 3681. Definitions As used in this subchapter: (1) “Affiliate” of, or person “affiliated” with, a specific person, means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. (2) “Commissioner” means the Commissioner of Financial Regulation or his or […]
§ 3682. Subsidiaries of insurers (a) Any domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business: (1) any kind of insurance business authorized by the jurisdiction in which it is incorporated; (2) acting as an insurance […]
§ 3683. Acquisition of control of or merger with domestic insurer (a) Filing requirements. (1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, […]
§ 3683a. Acquisitions involving insurers not otherwise covered (a) Definitions. For the purposes of this section: (1) “Acquisition” means any agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person and includes the acquisition of voting securities and assets, bulk reinsurance, and mergers. (2) […]
§ 3684. Registration of insurers (a) Registration. Every insurer which is authorized to do business in this State and which is a member of an insurance holding company system shall register with the Commissioner, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile […]
§ 3685. Standards and management of an insurer within an insurance holding company system (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to the following standards: (1) the terms shall be fair and reasonable; (2) agreements for cost-sharing services and management shall […]
§ 3686. Examination (a) Power of Commissioner. Subject to the limitation contained in this section and in addition to the powers which the Commissioner has under subchapter 7 of this chapter relating to the examination of insurers, the Commissioner shall also have the power to examine any insurer registered under section 3684 of this chapter […]
§ 3687. Confidential treatment (a) Documents, materials, or other information in the possession or control of the Department that are obtained by or disclosed to the Commissioner or any other person in the course of an examination or investigation made pursuant to section 3686 of this title and all information reported pursuant to subdivisions 3683(b)(12) […]
§ 3688. Rules and regulations The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations, and orders as shall be necessary to carry out the provisions of this subchapter. (Added 1971, No. 72, § 2.)
§ 3689. Injunctions; prohibitions against voting securities; sequestration of voting securities (a) Injunctions. Whenever it appears to the Commissioner that any insurer or any director, officer, employee, or agent thereof has committed or is about to commit a violation of this subchapter or of any rule, regulation, or order issued by the Commissioner hereunder, the […]
§ 3690. Sanctions (a) Any insurer failing, without just cause, to file any registration statement as required in this subchapter shall be required, after notice and hearing, to pay a penalty of not more than $1,000.00 for each day’s delay, to be recovered by the Commissioner of Financial Regulation and the penalty so recovered shall […]
§ 3691. Receivership Whenever it appears to the Commissioner that any person has committed a violation of this subchapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, then the Commissioner may […]
§ 3692. Revocation, suspension, or nonrenewal of insurer’s license Whenever it appears to the Commissioner that any person has committed a violation of this subchapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, determine […]
§ 3693. Judicial review (a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the Commissioner pursuant to this subchapter may appeal therefrom to the Superior Court. The Court shall conduct its review without a jury and by trial de novo, except that if all parties, including the […]
§ 3694. Recovery (a) If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under such order shall have a right to recover on behalf of the insurer where the distribution or payment pursuant to subdivision (1) or (2) of this subsection is made at any time during […]
§ 3695. Supervisory colleges (a) Power of Commissioner. With respect to any insurer registered under section 3684 of this title and in accordance with subsection (c) of this section, the Commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system […]
§ 3696. Groupwide supervisor; internationally active insurance group (a)(1) The Commissioner is authorized to act as the groupwide supervisor for any internationally active insurance group. The Commissioner, however, may acknowledge another regulatory official as the supervisor, provided the group: (A) does not have substantial insurance operations in the United States; (B) has substantial insurance operations […]
