3684

VETOES

(VII) AN ACQUISITION OF AN INSURER WHOSE
DOMICILIARY COMMISSIONER:

1.  AFFIRMATIVELY FINDS THAT:

A.  THE INSURER IS IN FAILING CONDITION;

B.  THERE IS A LACK OF FEASIBLE
ALTERNATIVE TO IMPROVING THE INSURER'S FAILING CONDITION; AND

C.  THE PUBLIC BENEFITS OF IMPROVING SUCH
INSURER'S CONDITION THROUGH THE ACQUISITION EXCEED THE PUBLIC
BENEFITS THAT WOULD ARISE FROM NOT LESSENING COMPETITION;' AND

2.  COMMUNICATES THE DOMICILIARY
COMMISSIONER'S FINDINGS TO THE COMMISSIONER OF THIS STATE.

(3) FOR THE PURPOSE OF SUBPARAGRAPH (2)(V) OF THIS
SUBSECTION "MARKET" MEANS DIRECT WRITTEN INSURANCE PREMIUM IN
THIS STATE FOR A LINE OF BUSINESS AS CONTAINED IN THE ANNUAL
STATEMENT REQUIRED TO BE FILED BY INSURERS LICENSED TO DO
BUSINESS IN THIS STATE.

(C) (1) (I) AN ACQUISITION COVERED BY SUBSECTION (B) OF
THIS SECTION MAY BE SUBJECT TO AN ORDER PURSUANT TO SUBSECTION
(E) OF THIS SECTION UNLESS THE ACQUIRING PERSON FILES A
PREACQUISITION NOTIFICATION AND THE WAITING PERIOD HAS EXPIRED.

(II)  THE ACQUIRED PERSON MAY FILE A
PREACQUISITION NOTIFICATION.

(III)  THE COMMISSIONER SHALL GIVE CONFIDENTIAL
TREATMENT TO INFORMATION SUBMITTED UNDER THIS SUBSECTION IN THE
SAME MANNER AS PROVIDED IN § 499 OF THIS ARTICLE.

(2)  (I) THE PREACQUISITION NOTIFICATION SHALL BE IN
THE FORM AND CONTAIN THE INFORMATION PRESCRIBED BY THE NATIONAL
ASSOCIATION OF INSURANCE COMMISSIONERS RELATING TO THOSE MARKETS
WHICH, UNDER SUBSECTION (B)(2)(V) OF THIS SECTION, CAUSE THE
ACQUISITION NOT TO BE EXEMPTED FROM THE PROVISIONS OF THIS
SECTION.

(II)  THE COMMISSIONER MAY REQUIRE SUCH
ADDITIONAL MATERIAL AND INFORMATION AS HE DEEMS NECESSARY TO
DETERMINE WHETHER THE PROPOSED ACQUISITION, IF CONSUMMATED, WOULD
VIOLATE THE COMPETITIVE STANDARD OF SUBSECTION (D) OF THIS
SECTION.

(III)  THE REQUIRED INFORMATION MAY INCLUDE AN
OPINION OF AN ECONOMIST AS TO THE COMPETITIVE IMPACT OF THE
ACQUISITION IN THIS STATE ACCOMPANIED BY A SUMMARY OF THE
EDUCATION AND EXPERIENCE OF THE ECONOMIST INDICATING THE
ECONOMIST'S ABILITY TO RENDER AN INFORMED OPINION.

(3)  (I) THE WAITING PERIOD REQUIRED SHALL BEGIN ON
THE DATE OF RECEIPT OF THE COMMISSIONER OF A PREACQUISITION