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Ch. 117
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2002 LAWS OF MARYLAND
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[19-711.2.
(a) A person shall comply with the procedures required by Title 7, Subtitles 3
and 4 of the Insurance Article to the extent applicable before:
(1) That person may make a tender for or a request or invitation for
tenders of or enter into an agreement to exchange securities for or acquire in the open
market or otherwise, any voting security of a foreign health maintenance
organization that is authorized to do business in this State or enter into any other
such agreement if, after the consummation thereof, that person would, directly or
indirectly, or by conversion or by exercise of any right to acquire be in control of the
foreign health maintenance organization that is authorized to do business in this
State; or
(2) That person may enter into an agreement to merge or consolidate
with, or otherwise to acquire control of, a foreign health maintenance organization
that is authorized to do business in this State.
(b) (1) Approval by the Insurance Commissioner shall be governed by §
7-306 of the Insurance Article.
(2) Prior to approval, the Insurance Commissioner shall consult with the
Secretary of Health and Mental Hygiene.
(c) The provisions of this section may not apply:
(1) To any transaction preempted by federal law; or
(2) If the insurance commissioner in the jurisdiction in which the health
maintenance organization is domiciled has authority under the law of that
jurisdiction to investigate and approve a case in which a person would directly or
indirectly, or by conversion or by exercise of any right to acquire be in control of the
health maintenance organization or merge or consolidate with, or otherwise acquire
control of the health maintenance organization and the Insurance Commissioner of
this State receives notice from the insurance commissioner of the other jurisdiction of
any such activities and has the right to request information and documents
concerning those activities.]
SECTION 2. AND BE IT FURTHER ENACTED, That a managed care
organization is not subject to the provisions of § 15-102.6 of the Health - General
Article, as enacted by Section 1 of this Act, until the effective date of the regulations
that the Maryland Insurance Commissioner is required to adopt under §
15-102.6(c)(1) of the Health - General Article, as enacted by Section 1 of this Act.
SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2002.
Approved April 25, 2002.
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- 1360 -
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