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§ 7-403. Pre-acquisition notification requirements

MD Ins Code § 7-403 (2019) (N/A)
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(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.

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§ 7-402. Transactions excluded from subtitle
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