1874

LAWS OF MARYLAND

[Ch. 311

[[(C) CONTROLLING PERSON.

"CONTROLLING PERSON" MEANS ANY PERSON WHO IS:

(1)   DIRECTLY OR INDIRECTLY THE BENEFICIAL
OWNER OF MORE THAN 10 PERCENT OF ANY CLASS OF AN EQUITY
SECURITY OF A MARYLAND STOCK INSURER;

(2)   A DIRECTOR OF A MARYLAND STOCK INSURER;
OR

(3)   AN OFFICER OF A MARYLAND STOCK INSURER.]]

REVISOR'S NOTE: This subsection is new language
adopted to avoid unnecessary repetition of the
provisions contained in it, which are derived
from Art. 48A, §250A.

The words "controlling person" are adopted for
purposes of simplicity.

[[(D) EQUITY SECURITY.

"EQUITY SECURITY" MEANS ANY:

(1)   STOCK OR SIMILAR SECURITY;

(2)    SECURITY CONVERTIBLE WITH OR WITHOUT
CONSIDERATION INTO OR CARRYING ANY WARRANT OR RIGHT TO
SUBSCRIBE TO OR PURCHASE ANY STOCK OR SIMILAR SECURITY;

(3)     WARRANT OR RIGHT TO SUBSCRIBE TO OR
PURCHASE ANY STOCK OR SIMILAR SECURITY; OR

(4)    OTHER SECURITY WHICH THE COMMISSIONER
CONSIDERS TO BE OF A SIMILAR NATURE AND WHICH, BY RULES
AND REGULATIONS HE ADOPTS IN THE PUBLIC INTEREST OR FOR
THE PROTECTION OF INVESTORS, HE CONSIDERS NECESSARY OR
APPROPRIATE TO TREAT AS AN EQUITY SECURITY.]]

REVISOR'S NOTE: This subsection presently appears as
Art. 48A, §250A(6).

The only changes are in style.

[[(E)]] (C) "MUTUAL" INSURER.

"MUTUAL INSURER" MEANS AN INCORPORATED INSURER

WITHOUT CAPITAL STOCK, THE GOVERNING BODY OF WHICH IS
ELECTED AS PROVIDED IN THIS SUBTITLE.

REVISOR'S NOTE: This subsection presently appears as
Art. 48A, §248.