Maryland Code, INSURANCE 7-102
Terms Used In Maryland Code, INSURANCE 7-102
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) control of an insurer is sought by a person that would use that control adversely to the best interest of policyholders or stockholders;
(2) acquisition of control of an insurer would substantially lessen competition or create a monopoly in the insurance business in the State;
(3) an insurer that is part of an insurance holding company system enters into transactions or relationships with affiliates on terms that are not fair and reasonable; or
(4) an insurer pays to stockholders dividends that jeopardize the financial condition of the insurer.
(b) The purposes of this title include promoting the public interest by:
(1) requiring disclosures in acquisitions or mergers;
(2) requiring disclosures of material transactions, relationships between an insurer and its affiliates, and dividends to stockholders paid by insurers;
(3) requiring disclosures of relevant information about changes in control of insurers;
(4) providing standards governing material transactions between an insurer and its affiliates; and
(5) establishing penalties for failure to disclose and providing for the disapproval of certain transactions.