1882

LAWS OF MARYLAND

[Ch. 311

FROM MAKING A POLICY LOAN TO A DIRECTOR OR EXECUTIVE
OFFICER OF THE INSURER ON ITS POLICY OR CONTRACT IN AN
AMOUNT NOT EXCEEDING THE LOAN VALUE OF THE POLICY OR
CONTRACT.

REVISOR'S NOTE: This section presently appears as

Art. 267.

The only changes are in style.

[[6-513. STATEMENT BY INSIDERS OF OWNERSHIP OF EQUITY
SECURITIES.

(A)   ORIGINAL STATEMENT.

(1)    EACH PERSON MHO BECOMES A CONTROLLING
PERSON OF A DOMESTIC STOCK INSURER SHALL FILE WITH THE
COMMISSIONER A STATEMENT WHICH SPECIFIES THE AMOUNT OF
ALL EQUITY SECURITIES OF THE INSURER OF WHICH HE IS
BENEFICIAL OWNER.

(2)    THE STATEMENT SHALL BE IN THE FORM THE
COMMISSIONER PRESCRIBES AND FILED IN THE OFFICE OF THE
COMMISSIONER WITHIN TEN DAYS AFTER THE PERSON BECOMES A
CONTROLLING PERSON.

(B)   CHANGE IN OWNERSHIP OF EQUITY SECURITIES.

(1) FOR EACH CALENDAR MONTH AFTER THE
STATEMENT REQUIRED BY SUBSECTION (A) OF THIS SECTION IS
FILED, IF THERE IS A CHANGE IN THE OWNERSHIP OF THE
EQUITY SECURITIES, THE CONTROLLING PERSON SHALL FILE WITH
THE COMMISSIONER A STATEMENT WHICH INDICATES:

(1)     HIS OWNERSHIP AT THE CLOSE OF THE
CALENDAR MONTH; AND

(II) THE CHANGES IN HIS OWNERSHIP WHICH
OCCURRED DURING THE MONTH.

(2)    THE STATEMENT SHALL BE IN THE FORM THE
COMMISSIONER PRESCRIBES AND FILED IN THE OFFICE OF THE
COMMISSIONER WITHIN TEN DAYS AFTER THE CLOSE OF THE
CALENDAR MONTH DURING WHICH THE CHANGE OCCURS.]]

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 48A,
§250A(1).

The requirement that a statement be filed "on
or before the first day of July, nineteen
hundred sixty five" is deleted as obsolete.

The words "controlling person" are defined in