PARRIS N. GLENDENING, Governor

Ch. 36

THE COMMISSIONER SHALL PROVIDE THE STATEMENT FILED UNDER THIS
SECTION TO THE PERSON TO BE ACQUIRED ON THE DATE THE ATTEMPT TO
ACQUIRE IS MADE PUBLIC.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 494(a)(1)(i) and (2), (c), (d), and, as they
related to a 60-day period, the first and second sentences of (e)(1).

Subsection (a)(1) of this section is revised to require either a domestic insurer
or a person primarily engaged in the insurance business to file the statement.
Both entities are not required to file. The Insurance Article Review
Committee calls this understanding of the intent of the former law to the
attention of the General Assembly.

Subsection (a)(2) of this section is revised to clarify that if the Commissioner
determines that a person is primarily engaged in a business other than the
insurance business, the person is not required to file a statement with the
Commissioner.

In subsections (b) and (c)(1) and (2) of this section, the references to a
"transaction subject to this subtitle" are added for clarity and consistency.
Similarly, in subsection (c)(6) and (8) of this section, the references to a
"transaction subject to this subtitle" are substituted for the former references
to an "exchange, merger or other acquisition of control" and an "acquisition
described in this subsection" for clarity and consistency.

In subsection (b) of this section, the phrase "at least 60 days before a
transaction ... is proposed to become effective" is added to reflect the
mandated 60-day review period under § 7-306 of this subtitle.

In the introductory language of subsection (c)(1) of this section, the former
reference to a "full" name and address is deleted as surplusage.

In subsection (c)(2)(i) and (3) of this section, respectively, the references to
business operations of "predecessors" and the earnings and financial
condition of "any predecessor" are added for clarity.

In subsection (c)(2)(i) of this section, the former reference to a "report" is
deleted as included in the reference to "information" in subsection (c)(2) of
this section.

In subsection (c)(2)(ii) of this section, the word "informative", which formerly
modified "description", is deleted as surplusage.

In subsection (c)(2)(iii) of this section, the former word "all" is deleted as
surplusage.

In subsection (c)(8)(i), (11), and (12)(i) and (ii) of this section, references to
an "acquiring person" are substituted for former references to an "acquiring
party" for consistency.

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