Md. Code Regs. 31.04.18.07

Current through Register Vol. 51, No. 26, December 27, 2024

Section 31.04.18.07 - Pre-Acquisition Notification

A. If a domestic insurer, including any person controlling a domestic insurer, is proposing a merger or acquisition pursuant to Insurance Article, § 7-303(a), Annotated Code of Maryland, that person shall file with the Commissioner, at least 30 days before a transaction is proposed to become effective, a Form E, in accordance with the format, guidelines, and instructions approved by the Commissioner.

B. The acquiring person in an acquisition subject to Insurance Article, § 7-403, Annotated Code of Maryland, shall file with the Commissioner, at least 30 days before the acquisition is proposed to become effective, a Form E, in accordance with the format, guidelines, and instructions approved by the Commissioner.

C. Upon request and in addition to the information provided in §A or B of this regulation, the Commissioner may require the opinion of an economist about the competitive impact of the acquisition or merger 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 pursuant to Insurance Article, § 7-403(c)(2)(H), Annotated Code of Maryland.

Md. Code Regs. 31.04.18.07

Regulations .07 adopted effective 43:16 Md. R. 901, eff. 11/7/2016