Ch. 36

1995 LAWS OF MARYLAND

(5)      IF IT APPEARS TO THE COMMISSIONER THAT THE REQUIREMENTS
OF THIS SECTION HAVE BEEN COMPLIED WITH, THE COMMISSIONER SHALL CERTIFY
APPROVAL OF THE AGREEMENT BY ENDORSING IT.

(6)      A DUPLICATE ORIGINAL OF THE AGREEMENT SHALL BE FILED WITH
THE COMMISSIONER AND A DUPLICATE ORIGINAL OF THE AGREEMENT SHALL BE
DELIVERED TO THE SUCCESSOR MUTUAL INSURER.

(C)     AUTHORITY TO FORM FOREIGN MUTUAL INSURER.

ONE OR MORE DOMESTIC MUTUAL INSURERS MAY CONSOLIDATE OR MERGE
UNDER THE LAWS OF ANY STATE WITH ONE OR MORE FOREIGN MUTUAL INSURERS
TO FORM A SUCCESSOR MUTUAL INSURER UNDER THE LAWS OF ONE OF THE
FOREIGN STATES IN WHICH ONE OF THE MUTUAL INSURERS HAS ITS DOMICILE.

(D)     PROCEDURE FOR FORMATION OF FOREIGN INSURER.

(1)      EACH DOMESTIC MUTUAL INSURER CONSOLIDATING OR MERGING
WITH A FOREIGN MUTUAL INSURER SHALL FOLLOW THE PROCEDURE REQUIRED
BY SUBSECTION (B) OF THIS SECTION.

(2)      EACH FOREIGN MUTUAL INSURER SHALL FOLLOW THE PROCEDURE
REQUIRED BY THE STATE OF ITS DOMICILE WITH RESPECT TO A CONSOLIDATION
OR MERGER.

(3)      THE COMMISSIONER SHALL REQUIRE A CERTIFICATE OF APPROVAL
FROM THE INSURANCE SUPERVISORY OFFICIAL OF THE STATE OF DOMICILE OF
EACH FOREIGN INSURER THAT IS A PARTY TO THE AGREEMENT CERTIFYING THAT
THE FOREIGN INSURER HAS COMPLIED WITH THE LAWS OF THAT STATE ON
CONSOLIDATION OR MERGER.

(4)      PARTIES TO THE AGREEMENT OF CONSOLIDATION OR MERGER
NEED NOT HOLD A CERTIFICATE OF AUTHORITY IN THIS STATE AT THE TIME OF
CONSOLIDATION OR MERGER IF:

(I) AN APPLICATION FOR A CERTIFICATE OF AUTHORITY HAS
BEEN FILED ON BEHALF OF THE SUCCESSOR INSURER, SIGNED BY EACH PARTY TO
THE AGREEMENT; AND

(II) THE COMMISSIONER BELIEVES THE SUCCESSOR INSURER:

1,        MEETS THE APPLICABLE SOLVENCY REQUIREMENTS;
AND

2.        HAS COMPLIED OR AGREED TO COMPLY WITH THE LAWS
OF THIS STATE ON THE ADMISSION AND AUTHORIZATION OF FOREIGN INSURERS.

(E)     EFFECTIVE DATE OF AGREEMENT; FILING.

(1) AN AGREEMENT OF CONSOLIDATION OR MERGER IS EFFECTIVE:

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