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PARRIS N. GLENDENING, Governor
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S.B. 148
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(3) A 5-YEAR PLAN OF OPERATION FOR THE MUTUAL INSURANCE
HOLDING COMPANY AND THE REORGANIZED STOCK INSURER, INCLUDING ANY
PLANS FOR:
(I) AN INITIAL PUBLIC OFFERING OF STOCK IN THE REORGANIZED
STOCK INSURER; OR
(II) THE TRANSFER OF ASSETS OR LIABILITIES FROM THE
REORGANIZED STOCK INSURER OR ANY SUBSIDIARIES OF THE REORGANIZED STOCK
INSURER TO THE MUTUAL INSURANCE HOLDING COMPANY;
(4) A LIST OF THE OFFICERS AND DIRECTORS OF THE MUTUAL
INSURANCE HOLDING COMPANY AND THE REORGANIZED STOCK INSURER;
(5) A BIOGRAPHY OF EACH OFFICER AND DIRECTOR OF THE MUTUAL
INSURANCE HOLDING COMPANY AND THE REORGANIZED STOCK INSURER; AND
(6) ANY OTHER DOCUMENTS OR INFORMATION REQUESTED BY THE
COMMISSIONER
(I) (1) UNLESS DISAPPROVED BY THE COMMISSIONER A PLAN OF
REORGANIZATION IS APPROVED:
(I) ON WRITTEN NOTICE FROM THE COMMISSIONER; OR
(II) 60 DAYS AFTER THE PLAN AND ALL INFORMATION REQUIRED
UNDER THIS SECTION AND UNDER ANY REGULATIONS ADOPTED IN ACCORDANCE
WITH THIS SECTION ARE SUBMITTED TO THE COMMISSIONER
(2) (I) SUBJECT TO SUBPARAGRAPH (II) OF THIS PARAGRAPH, THE
COMMISSIONER SHALL APPROVE THE PLAN OF REORGANIZATION IF THE PLAN OF
REORGANIZATION:
1. COMPLIES WITH THIS SECTION; AND
2. IS EQUITABLE TO THE MUTUAL INSURER'S MEMBERS.
(II) IN APPROVING A PLAN OF REORGANIZATION, THE
COMMISSIONER MAY IMPOSE ADDITIONAL CONDITIONS AND REQUIREMENTS THAT
THE COMMISSIONER DETERMINES ARE NECESSARY TO ACHIEVE THE PURPOSES OF
THIS SECTION.
(3) AT THE EXPENSE OF THE MUTUAL INSURER, THE COMMISSIONER
MAY RETAIN A QUALIFIED EXPERT WHO IS NOT A PART OF THE STAFF OF THE
COMMISSIONER TO ASSIST IN REVIEWING THE PLAN OF REORGANIZATION.
(4) AFTER WRITTEN NOTICE TO THE MUTUAL INSURER, THE
COMMISSIONER MAY HOLD A HEARING ON WHETHER THE PLAN OF
REORGANIZATION:
(I) COMPLIES WITH THIS SECTION; AND
(II) IS EQUITABLE TO THE MUTUAL INSURER'S MEMBERS.
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- 3725 -
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