PARRIS N. GLENDENING, Governor                                   Ch. 36

(1)      IN DETERMINING WHETHER A PROPOSED ACQUISITION SUBJECT TO
THIS SUBTITLE WOULD VIOLATE SUBSECTION (A)(1)(I) OF THIS SECTION, THE
COMMISSIONER SHALL CONSIDER AN ACQUISITION THAT INVOLVES TWO OR MORE
INSURERS, INCLUDING INSURERS UNDER COMMON OWNERSHIP, MANAGEMENT, OR
CONTROL, THAT COMPETE IN THE SAME PRODUCT AND GEOGRAPHICAL MARKET
TO BE PRIMA FACIE EVIDENCE OF VIOLATION OF SUBSECTION (A)(1)(I) OF THIS
SECTION IF THE ACQUIRING AND ACQUIRED INSURERS, THEIR AFFILIATES, OR THE
PERSON RESULTING FROM A MERGER:

(I)      HAVE A SHARE OF THE MARKET THAT EXCEEDS THE TOTAL
OF THE TWO COLUMNS IN THE TABLE UNDER ITEM (II) OF THIS SUBPARAGRAPH, IF
MORE THAN TWO INSURERS ARE PARTIES TO THE ACQUISITION; OR

(II)     HAVE THE FOLLOWING SHARES OF THE MARKET:

INSURER A                            INSURER B

5%                                              4% OR MORE

10%                                            3% OR MORE

15%                                            2% OR MORE.

(2)      BY TREATING THE INSURER WITH THE LARGEST SHARE OF THE
MARKET AS INSURER "A", THE COMMISSIONER MAY INTERPOLATE PERCENTAGES
NOT SHOWN IN THE TABLE UNDER PARAGRAPH (1)(II) OF THIS SUBSECTION
PROPORTIONATELY TO THE PERCENTAGES THAT ARE SHOWN.

(3)      IN THE ABSENCE OF SUFFICIENT INFORMATION TO THE CONTRARY:

(I)       THE RELEVANT PRODUCT MARKET IS THE DIRECT WRITTEN
INSURANCE PREMIUM FOR A LINE OF BUSINESS AS THE LINE APPEARS IN THE
ANNUAL STATEMENT REQUIRED TO BE FILED BY INSURERS DOING BUSINESS IN THE
STATE; AND

(II)     THE RELEVANT GEOGRAPHICAL MARKET IS THE STATE.

(4)      IN DETERMINING THE RELEVANT PRODUCT AND GEOGRAPHICAL
MARKETS, THE COMMISSIONER SHALL CONSIDER, AMONG OTHER THINGS:

(I)      ANY DEFINITIONS OR GUIDELINES ADOPTED BY THE
NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS; AND

(II)     ANY INFORMATION SUBMITTED BY PARTIES TO THE
ACQUISITION.

(D) HEARINGS.

(1) BEFORE THE COMMISSIONER ENTERS AN ORDER UNDER THIS
SECTION, THE COMMISSIONER SHALL:

(I)       GIVE THE PARTIES NOTICE OF A HEARING ON THE PROPOSED
ORDER BEFORE THE END OF THE WAITING PERIOD UNDER § 7-404 OF THIS SUBTITLE
AND AT LEAST 15 DAYS BEFORE THE HEARING IS SCHEDULED; AND

(II)     HOLD THE HEARING.

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