WILLIAM DONALD SCHAEFER, Governor                         Ch. 405

Section 19-718 (b)

Annotated Code of Maryland

(1990 Replacement Volume and 1992 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 48A - Insurance Code

7.

(1) An "authorized" insurer is one duly authorized, by subsisting certificate of
authority issued by the Commissioner, to engage in the insurance business in this State.

15A.

The provisions of this subtitle creating the Insurance Division and Insurance
Commissioner and relating to the regulation of insurance and any regulations
promulgated under this article are of no effect and may not be enforced after July 1,
[1993] 2003.

32.

(3) [If The Commissioner finds accounts to be inadequate, or inadequately kept
or posted, he may employ experts to rewrite, post, or balance them at the expense of the
person being examined if such person has failed to complete or correct such accounting
after the Commissioner has given him notice and a reasonable opportunity to do so.]

(I) THE COMMISSIONER MAY RETAIN AT THE EXPENSE OF THE PERSON
BEING EXAMINED ANY ACTUARY, ACCOUNTANT, OR OTHER EXPERT, NOT
OTHERWISE A PART OF THE STAFF OF THE COMMISSIONER, AS MAY BE
REASONABLY NECESSARY TO CONDUCT ANY EXAMINATION OR INVESTIGATION
MADE UNDER THIS ARTICLE.

(II) AN ACTUARY, ACCOUNTANT, OR OTHER EXPERT RETAINED
UNDER THIS PARAGRAPH MAY REWRITE, POST, OR BALANCE THE ACCOUNTS OF A
PERSON BEING EXAMINED IF:

1. THE COMMISSIONER FINDS THE ACCOUNTS TO BE
INADEQUATE OR INADEQUATELY KEPT; AND

2. THE PERSON BEING EXAMINED HAS FAILED TO CORRECT
THE ACCOUNTING AFTER THE COMMISSIONER HAS GIVEN THE PERSON NOTICE AND
A REASONABLE OPPORTUNITY FOR CORRECTION.

494.

(e) (1) The purchases, exchanges, mergers or other acquisitions of control
referred to in subsection (a) of this section [are not prohibited by this subtitle] MAY
NOT BE MADE, unless the Commissioner, within 60 days after the statement required by

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