886

LAWS OF MARYLAND

Ch. 199

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 PRE-ACQUISITION
NOTIFICATION AND SHALL END ON THE EARLIER OF THE 30TH DAY AFTER
THE DATE OF SUCH RECEIPT, OR TERMINATION OF THE WAITING PERIOD BY
THE COMMISSIONER.

(II) BEFORE THE END OF THE WAITING PERIOD, THE
COMMISSIONER MAY REQUIRE THE SUBMISSION OF ADDITIONAL NEEDED
INFORMATION RELEVANT TO THE PROPOSED ACQUISITION, IN WHICH EVENT
THE WAITING PERIOD SHALL END ON THE EARLIER OF THE 30TH DAY AFTER
RECEIPT OF SUCH ADDITIONAL INFORMATION BY THE COMMISSIONER OR
TERMINATION OF THE WAITING PERIOD BY THE COMMISSIONER.

(D) (1) THE COMMISSIONER MAY ENTER AN ORDER UNDER
SUBSECTION (E)(1) OF THIS SECTION WITH RESPECT TO AN ACQUISITION
IF:

(I)  THERE IS SUBSTANTIAL EVIDENCE THAT THE
EFFECT OF THE ACQUISITION MAY BE SUBSTANTIALLY TO LESSEN
COMPETITION IN ANY LINE OF INSURANCE IN THIS STATE OR TEND TO
CREATE A MONOPOLY THEREIN; OR

(II)  THE INSURER FAILS TO FILE ADEQUATE
INFORMATION IN COMPLIANCE WITH SUBSECTION (C) OF THIS SECTION.

(2) (I) IN DETERMINING WHETHER A PROPOSED ACQUISITION
WOULD VIOLATE THE COMPETITIVE STANDARD OF PARAGRAPH (1) OF THIS
SUBSECTION, THE COMMISSIONER SHALL CONSIDER THE FOLLOWING:

1. ANY ACQUISITION COVERED UNDER
SUBSECTION (B) OF THIS SECTION INVOLVING TWO OR MORE INSURERS
COMPETING IN THE SAME MARKET IS PRIMA FACIE EVIDENCE OF VIOLATION
OF THE COMPETITIVE STANDARDS IF THE INVOLVED INSURERS POSSESS THE
FOLLOWING SHARES OF THE MARKET:

INSURER A                                INSURER B

5%                                               4% OR MORE

10%                                             3% OR MORE

15%                                             2% OR MORE