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Ch. 101
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2000 LAWS OF MARYLAND
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(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.
(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
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