§ 7–102
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 7-102 (2026)
Title 7. Maryland Insurance Acquisitions Disclosure and Control Act
Subtitle 1. Definitions; General Provisions
§ 7–102LinkCopy Citation
(a)
The General Assembly finds that the public interest and the interest of policyholders and stockholders may be adversely affected when:
(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.