Ch. 108

1997 LAWS OF MARYLAND

- 1592 -

(II) THAT THEY MAY PROVIDE THE COMMISSIONER AND THE
MUTUAL COMPANY WITH COMMENTS ON THE PLAN WITHIN 30 DAYS AFTER THE
DATE OF RECEIPT OF THE NOTICE; AND

(III) THE PROCEDURE FOR FILING COMMENTS.

(D) (1) WITHIN 60 DAYS AFTER FILING OF DOCUMENTS UNDER SUBSECTION

(B) OF THIS SECTION, THE COMMISSIONER SHALL:

(I) APPROVE OR DISAPPROVE THE PLAN; OR

(II) EXTEND THE TIME FOR APPROVAL OR DISAPPROVAL BY AN
ADDITIONAL 60 DAYS AFTER GIVING WRITTEN NOTICE TO THE MUTUAL COMPANY.

(2) THE COMMISSIONER SHALL IMMEDIATELY GIVE WRITTEN NOTICE
TO THE MUTUAL COMPANY OF ANY DECISION AND, IN THE EVENT OF DISAPPROVAL,
A STATEMENT IN DETAIL OF THE REASONS FOR THE DECISION.

(3) A PLAN SHALL BE APPROVED IF THE COMMISSIONER FINDS:

(I) THE PLAN COMPLIES WITH THIS ARTICLE;

(II) THE PLAN WILL NOT PREJUDICE THE INTERESTS OF THE

MEMBERS; AND

(III) THE METHOD OF ALLOCATING SUBSCRIPTION RIGHTS IS FAIR
AND EQUITABLE.

(E) THE COMMISSIONER MAY RETAIN, AT THE MUTUAL COMPANY'S
EXPENSE, ANY QUALIFIED EXPERT NOT OTHERWISE A PART OF THE
COMMISSIONER'S STAFF TO ASSIST IN REVIEWING THE PLAN AND CONDUCTING AN
INDEPENDENT EVALUATION OF THE PRO-FORMA MARKET VALUE REQUIRED
UNDER § 3-403(D) OF THIS SUBTITLE.

(F) THE COMMISSIONER MAY ORDER A HEARING ON WHETHER THE TERMS
OF THE PLAN COMPLY WITH THIS ARTICLE AFTER GIVING WRITTEN NOTICE TO THE
MUTUAL COMPANY AND OTHER INTERESTED PERSONS, ALL OF WHOM HAVE THE
RIGHT TO APPEAR AT THE HEARING.

(G) (1) ALL ELIGIBLE MEMBERS SHALL BE SENT NOTICE OF THE MEMBERS'
MEETING TO VOTE ON THE PLAN.

(2) THE NOTICE SHALL BRIEFLY BUT FAIRLY DESCRIBE THE PLAN,
SHALL INFORM THE MEMBER OF THE RIGHT TO VOTE ON THE PLAN, AND SHALL BE SENT TO EACH MEMBER'S LAST KNOWN ADDRESS, AS SHOWN ON THE MUTUAL
COMPANY'S RECORDS, AT LEAST 30 DAYS BEFORE THE TIME FIXED FOR
MEETING.

(3) IF THE MEETING TO VOTE ON THE PLAN IS HELD DURING THE
MUTUAL COMPANY'S ANNUAL MEETING OF POLICYHOLDERS, ONLY A COMBINED
NOTICE OF MEETING IS REQUIRED.