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31.04.18.00.htm 31.04.18.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 04 INSURERS Chapter 18 Form Filings Under the Maryland Insurance Acquisitions Disclosure and Control Act Authority: Insurance Article, §2-109 and 2-209.1 and Title 7, Annotated Code of Maryland
31.04.18.01.htm 31.04.18.01. 01 Applicability.. These regulations are applicable to a person subject to the notification or registration requirements of the Maryland Insurance Acquisition and Disclosure Act under Insurance Article, Title 7, Annotated Code of Maryland.
31.04.18.02.htm 31.04.18.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Affiliate” means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another person.2) “Control” “controlling” “controlled by” or “under common control with” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a pers
31.04.18.03.htm 31.04.18.03. 03 Adequacy of Surplus.. The factors set forth in Insurance Article, §7–105(a) Annotated Code of Maryland, are not intended to be an exhaustive list for use in determining whether an insurer’s assets and surplus are reasonable in relation to the insurer’s outstanding liabilities and adequate to meet its financial needs. In applying the factors set forth in Insurance Article, §7–105(a) Annotated Code of Maryland, the Commissioner shall adhere to the following principles:
31.04.18.04.htm 31.04.18.04. 04 Forms ― General Requirements.. A. A person required to file a statement, form, or notification pursuant to Insurance Article, Title 7, Annotated Code of Maryland, shall file the statement, form, or notification as specified in the instructions provided in this chapter, and in accordance with the format, guidelines, and instructions approved by the Commissioner. The forms are not intended to be blank forms which are to be filled in; rather, the forms are intended to be guides i
31.04.18.05.htm 31.04.18.05. 05 Forms ― Incorporation by Reference, Summaries, and Omissions.. A. A person filing a statement, form, or notification pursuant to Insurance Article, Title 7, Annotated Code of Maryland, and this chapter may:1) Incorporate by reference in an answer or partial answer to:. a) Information required in previously submitted or current submissions of other filings of statements, forms, or notifications pursuant to Insurance Article, Title 7, Annotated Code of Maryland; and
31.04.18.06.htm 31.04.18.06. 06 Extension of Time to Provide Notification.. A. If it is impractical for a person filing a statement, form, or notification pursuant to Insurance Article, Title 7, Annotated Code of Maryland, to furnish any required information, document, or report at the time it is required to be filed, the person shall file with the Commissioner a separate document:1) Identifying the information, document, or report in question;.
31.04.18.07.htm 31.04.18.07. 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
31.04.18.08.htm 31.04.18.08. 08 Statement of Filing for Acquisition of Control of a Domestic Insurer.. A. A person seeking to acquire control of a domestic insurer pursuant to Insurance Article, §7–304, Annotated Code of Maryland, shall file with the Commissioner and provide a copy to the domestic insurer a Form A at least 60 days before a transaction is proposed to become effective, in accordance with the format, guidelines, and instructions approved by the Commissioner.B. If any material change
31.04.18.09.htm 31.04.18.09. 09 Annual Registration Statement.. A. A person required to file an annual registration statement pursuant to Insurance Article, §7–601, Annotated Code of Maryland, shall file with the Commissioner a Form B, in accordance with the format, guidelines, and instructions approved by the Commissioner.B. Unless extended by the Commissioner for good cause, the Form B shall be filed within 15 days after the insurer becomes subject to registration and, for each subsequent year
31.04.18.10.htm 31.04.18.10. 10 Summary of Changes to Registration Statement and Pre-Divestiture Notification.. A person required to file an annual registration statement pursuant to Insurance Article, §7–601, Annotated Code of Maryland, and Regulation .09 of this chapter shall file with the Commissioner a Form C, in accordance with the format, guidelines, and instructions approved by the Commissioner, annually on or before May 1.
31.04.18.11.htm 31.04.18.11. 11 Disclaimers and Termination of Registration.. A. A disclaimer of affiliation or a request for termination of registration claiming that a person does not, or will not upon the taking of some proposed action, control another person (hereinafter referred to as the “subject” shall contain the following information:1) The number of authorized, issued, and outstanding voting securities of the subject;. 2) With respect to the person whose control is denied and all affiliates of
31.04.18.12.htm 31.04.18.12. 12 Transactions Subject to Prior Notice ― Notice Filing and Standards.. A. A person filing notice with the Commissioner of a proposed transaction pursuant to Insurance Article, Title 7, Subtitle 7, Annotated Code of Maryland, shall file a Form D, in accordance with the format, guidelines, and instructions approved by the Commissioner.B. Pursuant to Insurance Article, §7-702(6) Annotated Code of Maryland, agreements, including but not limited to management agreements, service contra
31.04.18.13.htm 31.04.18.13. 13 Enterprise Risk Report.. The ultimate controlling person of an insurer required to file an enterprise risk report under Insurance Article, §7–603(h)1) Annotated Code of Maryland, shall:A. Unless extended by the Commissioner for good cause, by July 1 of each year, file with the Commissioner a properly executed Form F in accordance with the format, guidelines, and instructions approved by the Commissioner; andB. File any other document or information that the
31.04.18.14.htm 31.04.18.14. 14 Extraordinary Dividends and Other Distributions.. A. Pursuant to Insurance Article, §7-706, Annotated Code of Maryland, a domestic insurer may not pay an extraordinary dividend or make any other extraordinary distribution to its shareholders unless:1) The insurer provides notice of the declaration to the Commissioner at least 30 days before the declaration is made; and2) The Commissioner has approved or not disapproved the declaration within 30 days following the notice.
31.04.18.9999.htm 31.04.18.9999. Administrative History Effective date:. Regulations .01 and .02 adopted as an emergency provision effective December 8, 1993 (20:26 Md. R. 2024)Chapter recodified from 09.31.01 to COMAR 31.04.18, July 1998 ―. Regulation .02 repealed and new Regulation .02 adopted effective November 7, 2016 (43:16 Md. R. 901). Regulations .03―14 adopted effective November 7, 2016 (43:16 Md. R. 901).
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