Maryland Statutes
Subtitle 4 - Acquisition of Control of Insurer
Section 7-403 - Pre-Acquisition Notification Requirements

(a)    (1)    The acquiring person in an acquisition subject to this subtitle must file a pre-acquisition notification with the Commissioner.
        (2)    The acquired person in an acquisition subject to this subtitle may file a pre-acquisition notification.
    (b)    The pre-acquisition notification must be filed at least 30 days before the acquisition subject to this subtitle is proposed to become effective.
    (c)    (1)    The pre-acquisition notification must be in the form and contain the information required by the National Association of Insurance Commissioners relating to those markets that, under § 7-402(6) of this subtitle, cause the acquisition not to be exempt from this subtitle.
        (2)    The Commissioner may require a pre-acquisition notification to contain:
            (i)    additional material and information that the Commissioner considers necessary to determine whether the proposed acquisition, if effective, would violate § 7-405(a)(1)(i) of this subtitle; and
            (ii)    the opinion of an economist about the competitive impact of the acquisition in the State, together with a summary of the education and experience of the economist indicating the economist’s ability to make an informed opinion.

Structure Maryland Statutes