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Ch. 101
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2000 LAWS OF MARYLAND
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provisions; providing certain membership rights to certain policyholders;
providing for the application of certain policy terms and conditions after a
certain reorganization; establishing certain financial requirements for certain
reorganized stock insurers; providing for the approval of a certain plan of
reorganization; requiring a certain plan of reorganization together with certain
other documents to be submitted to the Insurance Commissioner for approval;
providing for the approval or disapproval of a certain plan of reorganization by
the Insurance Commissioner; providing that the Insurance Commissioner may
retain a certain qualified expert to assist in reviewing a certain plan of
reorganization; allowing the Commissioner to hold a certain hearing; providing
for the application of certain laws to certain mutual insurance holding
companies; allowing the Insurance Commissioner to adopt certain regulations;
making certain stylistic changes; and generally relating to the conversion of a
mutual insurance holding company to a stock insurer and formation of a mutual
insurance holding company.
BY adding to
Article - Insurance
Section 3-121.1
Annotated Code of Maryland
(1997 Volume and 1999 Supplement)
BY repealing and reenacting, with amendments,
Article — Insurance
Section 7-103
Annotated Code of Maryland
(1997 Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
3-121.1.
(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 MUTUAL INSURER IS REORGANIZED IN ACCORDANCE WITH A PLAN OF
REORGANIZATION ADOPTED AND APPROVED UNDER THIS SECTION.
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