WILLIAM DONALD SCHAEFER, Governor

Ch. 11

(ii) A purchase of securities solely for
investment purposes so long as such securities are not used for
voting or otherwise to cause or attempt to cause the substantial
lessening of competition in any insurance market in this State.
If a purchase of securities results in a presumption of control
under § 492(c) of this [article] SUBTITLE, it is not solely for
investment purposes unless the insurance commissioner of the
insurer's state of domicile accepts a disclaimer of control or
affirmatively finds that control does not exist and such
disclaimer action or affirmative finding is communicated by the
domiciliary commissioner to the Maryland Insurance Commissioner;

(iii) The acquisition of a person by another
person when both persons are neither directly nor through
affiliates primarily engaged in the business of insurance, if
pre-acquisition notification is filed with the Commissioner in
accordance with [§ 494A(c)(l) of this article thirty (30)]
SUBSECTION (C)(1) OF THIS SECTION 30 days prior to the proposed
effective date of the acquisition. However, such pre-acquisition
notification is not required for exclusion from this section if
the acquisition would otherwise be excluded from this section by
any other subparagraph of [§ 494A(b)(2) of this article]
SUBSECTION (B)(2) OF THIS SECTION;

(iv) The acquisition of already affiliated
persons;

(v) An acquisition if, as an immediate result
of the acquisition:

1.  In no market would the combined market
share of the involved insurers exceed 5 percent of the total
market;

2.  There would be no increase in any
market share; or

3.  In no market would:

A.  The combined market share of the
involved insurers exceed 12 percent of the total market; and

B.  The market share increase by more than
2 percent of the total market;

(vi) An acquisition for which a pre-acquisition
notification would be required pursuant to this section due
solely to the resulting effect on the ocean marine insurance line
of business; or

(vii) An acquisition of an insurer whose
domiciliary commissioner:

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