WILLIAM DONALD SCHAEFER, Governor                         Ch. 551

(8) Except for §§ 493 and 497, Subtitle 32 of this article;

(9)     Subtitle 34 of this article;

(10)   Sections 55 and 55A of this article; and

(11)   Any other provisions of this article that:

(i) Are expressly referred to in this subtitle; or

(ii) Expressly refer to this subtitle.

494.

(a) Until all the requirements of this section have been complied with, no person
other than the issuer shall make a tender offer for or a request or invitation for tenders
of, or enter into an agreement to exchange securities for or otherwise acquire, any voting
security or security convertible into voting security of a domestic insurer or an insurance
holding company which controls one or more domestic insurers if, as a result of the
consummation thereof, such person would, directly or indirectly, acquire control of such
insurer or insurance holding company, and no person shall enter into an agreement to
merge with or otherwise to acquire control of a domestic insurer or insurance holding
company which controls one or more domestic insurers.

(1)     (i) For the purpose of this section, "domestic insurer" shall include
any person controlling a domestic insurer unless such person as determined by the
Commissioner is either directly or through its affiliates primarily engaged in business
other than the business of insurance.

(ii) For the purpose of this section, "person" does not include any
securities broker holding, in the usual and customary brokers function, less than 20
percent of the voting securities of an insurance company or of any person which controls
an insurance company.

(iii) A domestic insurer or any person controlling a domestic insurer,
whether engaged in the business of insurance or not, shall file a pre-acquisition
notification with the Commissioner containing the information set forth in § 494A(c)(l)
30 days before the proposed effective date of the acquisition.

(iv) Failure to file the information required under subparagraph (iii) of
this paragraph is subject to the penalties provided under § 494A(e).

(2)     A domestic insurer shall file with the Commissioner a statement
containing the following information, and such additional information, as the
Commissioner may by rule or regulation prescribe as necessary or appropriate in the
public interest or for the protection of policyholders provided, however, that the company
to be acquired shall be provided with such information by the Commissioner on the date
the attempt to acquire is made public:

(i) The background and identity of each person by whom or on whose
behalf the purchases or the exchange, merger or other acquisition of control are to be
effected, including his full name and address; and:

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