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PARRIS N. GLENDENING, Governor
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S.B. 148
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House Bill 119, which was passed by the General Assembly and signed by me on April
25, 2000, accomplishes the same purpose. Therefore, it is not necessary for me to sign
Senate Bill 148.
Sincerely,
Parris N. Glendening
Governor
Senate Bill No. 148
AN ACT concerning
Mutual Insurance Holding Company Act
FOR the purpose of establishing a certain process by which a mutual insurance
company can convert to a stock insurer and form a mutual insurance holding
company; requiring certain mutual insurers to convert in accordance with a plan
of reorganization; requiring a certain plan of reorganization to contain certain
provisions; providing certain membership rights to certain policyholders;
providing for the application of certain policy terms and conditions after a
certain reorganization; establishing certain financial requirements for certain
reorganized stock insurers; providing for the approval of a certain plan of
reorganization; requiring a certain plan of reorganization together with certain
other documents to be submitted to the Insurance Commissioner for approval;
providing for the approval or disapproval of a certain plan of reorganization by
the Insurance Commissioner; providing that the Insurance Commissioner may
retain a certain qualified expert to assist in reviewing a certain plan of
reorganization; allowing the Commissioner to hold a certain hearing; providing
for the application of certain laws to certain mutual insurance holding
companies; allowing the Insurance Commissioner to adopt certain regulations;
making certain stylistic changes; and generally relating to the conversion of a
mutual insurance holding company to a stock insurer and formation of a mutual
insurance holding company.
BY adding to
Article - Insurance
Section 3-121.1
Annotated Code of Maryland
(1997 Volume and 1999 Supplement)
BY repealing and reenacting, with amendments,
Article - Insurance
Section 7-103
Annotated Code of Maryland
(1997 Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
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- 3721 -
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