2858

LAWS OF MARYLAND

Ch. 596

AMERICA, AND SHALL BE SUBJECT TO THE AUTHORITY AND JURISDICTION
OF THIS STATE.

(B) (1) THE CERTIFICATE OF AUTHORITY, AGENTS APPOINTMENTS,
RATES, AND OTHER ITEMS WHICH THE COMMISSIONER ALLOWS WHICH ARE IN
EXISTENCE AT THE TIME ANY FOREIGN INSURER AUTHORIZED TO ENGAGE IN
THE INSURANCE BUSINESS IN THIS STATE TRANSFERS ITS CORPORATE
DOMICILE TO THIS STATE OR TO ANY OTHER STATE BY MERGER,
CONSOLIDATION OR ANY OTHER LAWFUL METHOD SHALL CONTINUE IN FULL
FORCE AND EFFECT UPON TRANSFER IF THE INSURER AT ALL TIMES
REMAINS QUALIFIED TO ENGAGE IN THE BUSINESS OF INSURANCE IN THIS
STATE.

(2)  ALL OUTSTANDING POLICIES OF A TRANSFERRING
INSURER SHALL REMAIN IN FULL FORCE AND EFFECT AND NEED NOT BE
ENDORSED AS TO THE NEW NAME OF THE INSURER OR ITS NEW DOMICILIARY
AND LOCATION UNLESS SO ORDERED BY THE COMMISSIONER.

(3)  A TRANSFERRING INSURER MAY FILE NEW POLICY FORMS
WITH THE COMMISSIONER ON OR BEFORE THE EFFECTIVE DATE OF THE
TRANSFER, OR MAY USE ANY EXISTING POLICY FORM PREVIOUSLY FILED
WITH THE COMMISSIONER WITH APPROPRIATE ENDORSEMENTS IF ALLOWED BY
AND UNDER SUCH CONDITIONS AS APPROVED BY THE COMMISSIONER.

(4)  A FOREIGN INSURER TRANSFERRING ITS DOMICILE TO
ANOTHER STATE SHALL NOTIFY THE COMMISSIONER OF THE DETAILS OF THE
PROPOSED TRANSFER, AND SHALL FILE PROMPTLY ANY RESULTING
AMENDMENTS TO CORPORATE DOCUMENTS AND OTHER ITEMS ON FILE WITH
THE COMMISSIONER.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 28, 1985.

CHAPTER 597

(House Bill 195)

AN ACT concerning

Secondary Mortgage Loans - Balloon Payments

FOR the purpose of providing that a borrower's extension, under
the law governing extensions on a secondary mortgage loan
with a balloon payment, may not exceed the original term of
the loan a certain time period for certain loans; and
repealing a certain exception.

BY repealing and reenacting, with amendments,