HARRY HUGHES, Governor

891

(D)  SUBJECT TO § 497(B) OF THIS ARTICLE, EACH REGISTERED
INSURER SHALL REPORT TO THE COMMISSIONER ALL DIVIDENDS AND OTHER
DISTRIBUTIONS TO SHAREHOLDERS WITHIN 15 BUSINESS DAYS FOLLOWING
THE DECLARATION THEREOF.

(E)  ANY PERSON WITHIN AN INSURANCE HOLDING COMPANY SYSTEM
SUBJECT TO REGISTRATION SHALL BE REQUIRED TO PROVIDE COMPLETE AND
ACCURATE INFORMATION TO AN INSURER, WHERE SUCH INFORMATION IS
REASONABLY NECESSARY TO ENABLE THE INSURER TO COMPLY WITH THE
PROVISIONS OF THIS SUBTITLE.

[(d)] (F) The Commissioner shall terminate the registration
of any insurer which demonstrates that it no longer is a member
of an insurance holding company system.

[(e)] (G) The Commissioner may allow or require   two or more

affiliated insurers subject to registration hereunder   to file A

consolidated [reports amending their respective     statements]
STATEMENT.

[(f)] (H) The Commissioner may allow or require any insurer
which is authorized to do business in this State and which is
part of an insurance holding company system to register on behalf
of any affiliated insurer which is required to register under
subsection (a) and to file all information and material required
to be filed under this subtitle.

[(g)] (I) The provisions of this section shall not apply to
any insurer or affiliate if and to the extent that the
Commissioner by rule or regulation or by order shall exempt the
same from the provisions of this section as not comprehended
within the purpose of this section.

[(h)] (J) Failure to file the registration statement or [to
keep the registration statement current] ANY SUMMARY OF THE
REGISTRATION STATEMENT REQUIRED BY THIS SECTION WITHIN THE TIME
SPECIFIED FOR SUCH FILING shall constitute a violation of this
subtitle.

[(i)] (K) Any person may file with the Commissioner a
disclaimer of affiliation with any authorized insurer or such a
disclaimer may be filed by such insurer or any member of an
insurance holding company system. The disclaimer shall fully
disclose all material relationships and bases for affiliation
between such person and such insurer as well as the basis for
disclaiming such affiliation. After a disclaimer has been filed,
the insurer shall be relieved of any duty to register or report
under this section which may arise out of the insurer's
relationship with such person unless and until the Commissioner
disallows such a disclaimer. The Commissioner shall disallow
such a disclaimer only after furnishing all parties in interest
with notice and opportunity to be heard, and after making
specific findings of fact to support such disallowance.