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Ch. 662
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2000 LAWS OF MARYLAND
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(2) THE AMOUNT CARRIED FORWARD UNDER PARAGRAPH (1) OF THIS
SUBSECTION SHALL BE COMPUTED BY TAKING THE NET INVESTMENT INCOME
FROM THE 2 3 CALENDAR YEARS PRIOR TO THE PRECEDING CALENDAR YEAR:
(I) NOT INCLUDING REALIZED CAPITAL GAINS; AND
(II) MINUS DIVIDENDS PAID IN THE PRECEDING 2 3 CALENDAR
YEARS.
(D) AN INSURER THAT IS NOT A LIFE INSURER MAY PAY AN EXTRAORDINARY
DIVIDEND ONLY OUT OF EARNED SURPLUS.
(C) (E) A DOMESTIC INSURER MAY NOT PAY AN EXTRAORDINARY DIVIDEND
OR MAKE ANY OTHER EXTRAORDINARY DISTRIBUTION TO ITS SHAREHOLDERS
UNLESS:
(1) THE INSURER PROVIDES NOTICE OF THE DECLARATION TO THE
COMMISSIONER AT LEAST 30 DAYS BEFORE THE DECLARATION IS MADE; AND
(2) THE COMMISSIONER HAS APPROVED OR NOT DISAPPROVED THE
DECLARATION WITHIN THE 30 DAYS FOLLOWING NOTICE.
((g)] (D) (F) (1) Notwithstanding any other provision of law, an insurer
[subject to registration under Subtitle 6 of this title] may declare an extraordinary
dividend or extraordinary distribution conditioned on the Commissioner's approval.
(2) A conditional declaration confers no rights on shareholders unless,
within 30 days after the Commissioner receives the notice under subsection [(d)] (C)
(E) of this section, the Commissioner either approves the payment or distribution, or
does not disapprove the payment or distribution.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act applies to
dividends or distributions declared and paid on or after January 1, 2001.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2000.
Approved May 18, 2000.
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CHAPTER 662
(House Bill 1009)
AN ACT concerning
Prince George's County - Property and Income Taxes - Neighborhood
Stabilization Credits
PG 408-00
FOR the purpose of authorizing the governing body of Prince George's County to
grant, by law, a property tax credit against county property tax imposed on
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