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Session Laws, 2000
Volume 797, Page 3726   View pdf image
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S.B. 148
VETOES
(J) (1) A MUTUAL INSURANCE HOLDING COMPANY IS SUBJECT TO TITLE 7
OF THIS ARTICLE. (2) THE COMMISSIONER MAY REQUIRE THE MUTUAL INSURANCE
HOLDING COMPANY TO FILE ANNUAL STATEMENTS WITH THE COMMISSIONER IN
THE SAME MANNER AS AN INSURER (3) THE ARTICLES OF INCORPORATION AND ANY AMENDMENTS TO
SUCH ARTICLES OF THE MUTUAL INSURANCE HOLDING COMPANY ARE SUBJECT TO
THE APPROVAL OF THE COMMISSIONER IN THE SAME MANNER AS THOSE OF AN
INSURER (K) COMPLIANCE WITH THE REQUIREMENTS FOR A PLAN OF
REORGANIZATION UNDER THIS SECTION EXEMPTS A MUTUAL INSURANCE HOLDING
COMPANY FROM THE REQUIREMENTS OF TITLE 7, SUBTITLE 3 OF THIS ARTICLE FOR
THE PURPOSE OF ACQUIRING CONTROL OF THE REORGANIZED STOCK INSURER (L) (1) A MUTUAL INSURANCE HOLDING COMPANY: (I) MAY NOT DISSOLVE OR LIQUIDATE EXCEPT THROUGH
PROCEEDINGS UNDER TITLE 9 OF THIS ARTICLE; AND (II) SHALL BE A PARTY TO ANY PROCEEDING UNDER TITLE 9 OF
THIS ARTICLE INVOLVING A REORGANIZED STOCK INSURER THAT IS A SUBSIDIARY
OF THE MUTUAL INSURANCE HOLDING COMPANY. (2) IN ANY PROCEEDING UNDER TITLE 9 INVOLVING A REORGANIZED
STOCK INSURER THAT IS A SUBSIDIARY OF A MUTUAL INSURANCE HOLDING
COMPANY, THE ASSETS OF THE MUTUAL INSURANCE HOLDING COMPANY SHALL BE
DEEMED TO BE ASSETS OF THE ESTATE OF THE REORGANIZED STOCK INSURER FOR
PURPOSES OF SATISFYING THE CLAIMS OF THE REORGANIZED STOCK INSURER'S
POLICYHOLDERS. (M) A MUTUAL INSURANCE HOLDING COMPANY MAY BECOME A STOCK
INSURER IN ACCORDANCE WITH § 3-121 OF THIS TITLE. (N) THE COMMISSIONER MAY ADOPT REGULATIONS TO ENFORCE THIS
SECTION. 7-103. (a) Except as otherwise specifically provided, the provisions of this title are
intended to apply to authorized insurers. (b) The provisions of this title that apply to AN authorized [insurers and
domestic insurers] INSURER OR A DOMESTIC INSURER also apply to: (I) A nonprofit health service [plans] PLAN licensed under Title
14, Subtitle 1 of this article; AND (II) A MUTUAL INSURANCE HOLDING COMPANY FORMED UNDER §
3-121.1 OF THIS ARTICLE.
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Session Laws, 2000
Volume 797, Page 3726   View pdf image
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