WILLIAM DONALD SCHAEFER, Governor                            Ch. 507

(E) (1) IF ANY AFFILIATE OR SUBSIDIARY OF A CORPORATION REGULATED
UNDER THIS SUBTITLE DOES NOT COMPLY WITH THIS SECTION THE COMMISSIONER
SHALL REQUIRE THE CORPORATION TO FILE A PLAN OF DIVESTITURE OR
LIQUIDATION OF THE AFFILIATE OR SUBSIDIARY.

(2)      THE PLAN OF DIVESTITURE OR LIQUIDATION SHALL:

(I)       CLEARLY STATE THE REASONS FOR NONCOMPLIANCE;

(II)     PROVIDE THE COMMISSIONER WITH THE INFORMATION THAT
THE COMMISSIONER DEEMS NECESSARY TO APPROVE THE DIVESTITURE OR
LIQUIDATION; AND

(III)    BE DEEMED TO BE PROPRIETARY AND CONFIDENTIAL
COMMERCIAL INFORMATION UNDER § 10-617(D) OF THE STATE GOVERNMENT
ARTICLE.

(3)      PRIOR TO ANY DIVESTITURE OR LIQUIDATION UNDER THIS
SECTION, THE PLAN OF DIVESTITURE OR LIQUIDATION MUST BE APPROVED BY THE
COMMISSIONER.

(4)      ANY ACTION BY THE COMMISSIONER UNDER THIS SECTION MAY BE
APPEALED AS PROVIDED UNDER SUBTITLE 2 OF THIS ARTICLE.

357A.

(A) (1) ON OR BEFORE MARCH 1 OF EACH YEAR, A NONPROFIT HEALTH
SERVICE PLAN SHALL FILE WITH THE COMMISSIONER A TRUE STATEMENT OF ITS
FINANCIAL CONDITION, TRANSACTIONS, AND AFFAIRS FOR THE IMMEDIATELY
PRECEDING CALENDAR YEAR.

(2)      THE STATEMENT SHALL:

(I)       CONTAIN THE INFORMATION REQUIRED BY THE
COMMISSIONER; AND

(II)     BE CERTIFIED TO BY AN INDEPENDENT CERTIFIED PUBLIC

ACCOUNTANT.

(3)      THE FEE PROVIDED FOR BY § 41 OF THIS ARTICLE SHALL BE
SUBMITTED AT THE SAME TIME AS THE STATEMENT.

(4)      ANY NONPROFIT HEALTH SERVICE PLAN FAILING TO FILE THE
STATEMENT REQUIRED UNDER THIS SUBSECTION BY MARCH 10 SHALL FORFEIT:

(I)       $100 FOR EACH DAY UP TO AND INCLUDING MARCH 10; AND

(II)     $150 FOR EACH DAY AFTER MARCH 10 UNTIL THE STATEMENT
IS FILED WITH THE COMMISSIONER.

(5)      THE COMMISSIONER MAY EXTEND THE TIME FOR FILING FOR GOOD
CAUSE.

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