Ch. 36                                          1995 LAWS OF MARYLAND

In item (6) of this section, the term "authorized insurer" is substituted for the
former phrase "insurers licensed to do business in this State" to use the
defined term.

Also in item (6) of this section, the former phrase "[f]or the purpose of
paragraph (2)(v) of this subsection" is deleted as unnecessary because former
Art. 48A, § 494A(b)(2)(v) and (3) are combined in this revision.

Defined terms: "Affiliate" § 7-101
"Authorized insurer" § 1-101
"Commissioner" § 1-101
"Control" § 1-101
"Insurance business" § 1-101
"Insurer" § 1-101
"Person" § 1-101
"Premium" § 1-101

7-403. PRE-ACQUISITION NOTIFICATION REQUIREMENTS.

(A)     FILING WITH COMMISSIONER.

(1)      THE ACQUIRING PERSON IN AN ACQUISITION SUBJECT TO THIS
SUBTITLE MUST FILE A PRE-ACQUISITION NOTIFICATION WITH THE COMMISSIONER.

(2)      THE ACQUIRED PERSON IN AN ACQUISITION SUBJECT TO THIS
SUBTITLE MAY FILE A PRE-ACQUISITION NOTIFICATION.

(B)     TIME OF FILING.

THE PRE-ACQUISITION NOTIFICATION MUST BE FILED AT LEAST 30 DAYS
BEFORE THE ACQUISITION SUBJECT TO THIS SUBTITLE IS PROPOSED TO BECOME
EFFECTIVE.

(C)     FORM AND CONTENTS.

(1)      THE PRE-ACQUISITION NOTIFICATION MUST BE IN THE FORM AND
CONTAIN THE INFORMATION REQUIRED BY THE NATIONAL ASSOCIATION OF
INSURANCE COMMISSIONERS RELATING TO THOSE MARKETS THAT, UNDER §
7-402(6) OF THIS SUBTITLE, CAUSE THE ACQUISITION NOT TO BE EXEMPT FROM THIS
SUBTITLE.

(2)      THE COMMISSIONER MAY REQUIRE A PRE-ACQUISITION
NOTIFICATION TO CONTAIN:

(I)       ADDITIONAL MATERIAL AND INFORMATION THAT THE
COMMISSIONER CONSIDERS NECESSARY TO DETERMINE WHETHER THE PROPOSED
ACQUISITION, IF EFFECTIVE, WOULD VIOLATE § 7-405(A)(1)(I) OF THIS SUBTITLE;
AND

(II)     THE OPINION OF AN ECONOMIST ABOUT THE COMPETITIVE
IMPACT OF THE ACQUISITION IN THE STATE, TOGETHER WITH A SUMMARY OF THE
EDUCATION AND EXPERIENCE OF THE ECONOMIST INDICATING THE ECONOMIST'S
ABILITY TO MAKE AN INFORMED OPINION.

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