Ch. 551

1994 LAWS OF MARYLAND

2. ANY OTHER PERSON, BASED IN INTERVIEWS WITH OR AT
THE SUGGESTION OF THE ACQUIRING PARTY.; AND

(XI) 1. COPIES OF ALL TENDER OFFERS, REQUESTS OR
INVITATIONS, EXCHANGE OFFERS, AND AGREEMENTS TO ACQUIRE OR EXCHANGE
RELATING TO ANY SECURITY DESCRIBED IN THIS SUBSECTION; AND

     2. IF DISTRIBUTED, COPIES OF ANY ADDITIONAL

SOLICITING MATERIAL THAT RELATES TO THE ACTIONS DESCRIBED IN ITEM 1 OF
THIS SUB SUBPARAGRAPH; AND

[(viii)] (XII) (XI) The terms of any agreements with, INCLUDING THE
AMOUNT OF ANY FEES, COMMISSIONS, OR OTHER COMPENSATION TO BE PAID TO,
any brokers, securities dealers, service organizations, or other persons for soliciting of
shares for tender; and

(3) The time for disapproval, including extensions, has elapsed or approval
has been given by the Commissioner [as hereinafter provided].

499A.                                                                                                            

AN INSURER AGGRIEVED BY AN ORDER OF THE COMMISSIONER UNDER THIS
SUBTITLE HAS THE RIGHT TO A HEARING AND THE RIGHT TO APPEAL FROM THE
ACTION OF THE COMMISSIONER UNDER §§ 35 THROUGH 40 OF THIS ARTICLE.

504.         

(a) (1) The purposes of this subtitle are to provide, a mechanism for the prompt
payment of covered claims under certain insurance policies and to avoid financial loss to
residents of Maryland who are claimants or policyholders of an insurer, including surety,
which has become insolvent; and to provide for the assessment of the cost of such
payments and protection among insurers.

(2) All provisions of this subtitle shall apply to any insurer insolvency,
including surety, existing as of January 1, 1985.

(b)     This subtitle shall apply to all kinds of direct insurance, except life insurance,
health insurance, mortgage guaranty insurance, [and] annuities, INSURANCE WRITTEN
ON A. SURPLUS LINES BASIS UNDER SUBTITLE 13 OF THIS ARTICLE, AND INSURANCE
WRITTEN BY RISK RETENTION GROUPS AND UNAUTHORIZED INSURERS.

505.

(c)      (1) "Covered claims" means obligations, including unearned premiums, of an
insolvent insurer which:

(i) 1. Arise out of the insurance policy contracts of the insolvent
insurer issued to residents of this State or which are payable to residents of this State on behalf
of insureds of the insolvent insurer; or

2. Arise out of surety bonds issued by the insolvent insurer for the
protection of third parties, who are residents of. this State;

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