3694

VETOES

life insurer, or 100 PERCENT OF the net investment income, if the
insurer is not a life insurer, for the twelve month period ending
the 31st day of December next preceding[, but shall not include
pro rata distributions of any class of the insurer's own
securities.];

(II)  FROM JANUARY 1, 1988 THROUGH DECEMBER 31,
1988, THE NET GAIN FROM OPERATION OF THE INSURER, IF THE INSURER
IS A LIFE INSURER, OR 50 PERCENT OF THE NET INVESTMENT INCOME, IF
THE INSURER IS NOT A LIFE INSURER, FOR THE 12-MONTH PERIOD ENDING
THE 31ST DAY OF DECEMBER NEXT PRECEDING; AND

(III)  FROM JANUARY 1, 1989 AND THEREAFTER, THE
NET GAIN FROM OPERATION OF THE INSURER, IF THE INSURER IS A LIFE
INSURER, OR THE NET INCOME, IF THE INSURER IS NOT A LIFE INSURER,
FOR THE 12-MONTH PERIOD ENDING THE 31ST DAY OF DECEMBER NEXT
PRECEDING.

(B-l) IN DETERMINING WHETHER A DIVIDEND OR DISTRIBUTION IS
EXTRAORDINARY UNDER SUBSECTION (B)(2) (B)(2)(III) OF THIS
SECTION, AN INSURER MAY INCLUDE POSITIVE NET INCOME FROM THE
PREVIOUS 5 CALENDAR YEARS THAT HAS NOT ALREADY BEEN PAID OUT AS
DIVIDENDS.

499.

All information, documents and copies thereof obtained by or
disclosed to the Commissioner or any other person in the course
of an examination or investigation made pursuant to this subtitle
and all information reported pursuant to this subtitle, shall be
given confidential treatment and shall not be subject to subpoena
and shall not be made public by the Commissioner, THE NATIONAL
ASSOCIATION OF INSURANCE COMMISSIONERS, or any other person
without the prior written consent of the insurer to which it
pertains unless the Commissioner, after giving the insurer and
its affiliates who would be affected thereby notice and
opportunity to be heard, determines that the interests of the
policyholders, stockholders or the public will be served by the
publication thereof, in which event he may publish all or any
part thereof in such manner as he may deem appropriate.

500A.

WHENEVER IT APPEARS TO THE COMMISSIONER THAT ANY PERSON HAS
COMMITTED A VIOLATION OF THIS SUBTITLE WHICH SO IMPAIRS THE
FINANCIAL CONDITION OF A DOMESTIC INSURER AS TO THREATEN
INSOLVENCY OR MAKE THE FURTHER TRANSACTION OF BUSINESS BY IT
HAZARDOUS TO ITS POLICYHOLDERS, CREDITORS, SHAREHOLDERS, OR THE
PUBLIC, THEN THE COMMISSIONER MAY PROCEED AS PROVIDED IN SUBTITLE
10 OF THIS ARTICLE TO TAKE POSSESSION OF THE PROPERTY OF THAT
DOMESTIC INSURER AND TO CONDUCT THE BUSINESS THEREOF.

500B.

(A) (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, IF AN
ORDER FOR LIQUIDATION OR REHABILITATION OF A DOMESTIC INSURER HAS