(a) Unless otherwise prohibited under this article and subject to the prior approval of the Commissioner, one or more mutual insurers organized under the laws of any state may form a business combination with one or more domestic mutual insurers for the purpose of purchasing reinsurance or other financial services.
(b) (1) Mutual insurers forming a business combination under this section shall enter into a written agreement that prescribes the terms and conditions of the business combination.
(2) The agreement shall be approved by the vote of the majority of the board of directors of each mutual insurer.
(c) The Commissioner may adopt regulations concerning the formation of business combinations under this section.
Structure Maryland Statutes
Subtitle 1 - Stock Insurers and Mutual Insurers
Section 3-101 - Scope of Subtitle
Section 3-102 - Applicability of General Corporation Statutes and Insurance Article
Section 3-103 - Formation of Domestic Insurers
Section 3-104 - Approval of Articles of Incorporation and Charter
Section 3-105 - Prerequisites to Solicitation by Prospective Mutual Insurer
Section 3-106 - Assets Required for Mutual Insurer -- in General
Section 3-107 - Assets Required for Mutual Insurer -- Engaging in Business on Assessable Basis
Section 3-108 - Engaging in Additional Kinds of Insurance Business
Section 3-109 - Impairment of Required Surplus
Section 3-110 - Contingent Liability of Members
Section 3-111 - Levy of Assessment
Section 3-112 - Enforcement of Contingent Liability
Section 3-113 - Issuance of Nonassessable Policies
Section 3-114 - Participating Policies
Section 3-116 - Loans to Insurers
Section 3-117 - Loans to and Guarantees of Obligations of Directors and Officers
Section 3-118 - Agreements to Pay Expenses of Management
Section 3-119 - Restrictions on Purchase and Sale of Equity Securities of Domestic Stock Insurers
Section 3-120 - Conversion of Stock Insurer to Mutual Insurer
Section 3-121 - Conversion of Mutual Insurer to Stock Insurer
Section 3-122 - Consolidations, Mergers, and Share Exchanges of Stock Insurers
Section 3-123 - Consolidations and Mergers of Mutual Insurers
Section 3-123.1 - Mutual Insurers Forming a Business Combination
Section 3-124 - Bulk Reinsurance -- Stock Insurers
Section 3-125 - Bulk Reinsurance -- Mutual Insurers
Section 3-126 - Changes in Domicile of Insurers