PARRIS N. GLENDENING, Governor

Ch. 108

a certain evaluation of the market value of the converting mutual company;
requiring the Commissioner to approve or disapprove the plan within a certain
period after filing; requiring certain notice to be sent to members of the mutual
company who hold certain policies; imposing certain restrictions on acquisition of
stock of the converted stock company on certain persons and authorizing certain
exceptions; allowing the Commissioner to waive certain requirements of this Act
under certain circumstances; defining certain terms; and generally relating to
conversion of mutual insurance companies repealing the mandatory hearing
requirement before the Maryland Insurance Commissioner may approve a
conversion plan under certain circumstances; requiring a conversion plan to include
certain provisions concerning a holder of a surplus note participating in the
conversion under certain circumstances; requiring the Commissioner to approve or
disapprove a conversion plan within a certain period of time; authorizing the
Commissioner to retain a certain qualified expert under certain circumstances;
authorizing the Commissioner to hold a hearing on a conversion plan under certain
circumstances; authorizing the board of directors of a certain mutual insurer to
petition the Commissioner for a certain waiver under certain circumstances;
authorizing the Commissioner to waive certain requirements as to a certain mutual
insurer under certain circumstances; authorizing the Commissioner to adopt certain
regulations concerning the conversion of a mutual insurer under certain
circumstances; making certain provisions of this Act an emergency measure; and
generally relating to the conversion of a mutual insurer to a stock insurer.

BY repeating and reenacting, with amendments.
Article 48A - Insurance Code
Section 270

Annotated Code of Maryland

(1994 Replacement Volume and 1996 Supplement)

BY repealing and reenacting, with amendments,
Article - Insurance
Section 3-121

Annotated Code of Maryland

(1995 Volume and 1996 Supplement)

(As enacted by Chapter 36 of the Acts of the General Assembly of 1995)

BY adding to

Article - Insurance

Section 3-401 through 3-418 and the new subtitle "Subtitle 4. Insurance Company

Mutual to Stock Conversion"
Annotated Code of Maryland
(1995 Volume and 1996 Supplement)

(As enacted by Chapter 36 of the Acts of the General Assembly of 1995)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

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