Section 5-504 - General qualifications of investments. - Maryland Statutes

§ 5-504. General qualifications of investments.
 

(a)  Purchase at price above market value.- A life insurer may not purchase an investment or security at a price above its market value. 

(b)  Control of another insurer.- Subsection (a) of this section does not prohibit a life insurer from acquiring control of another insurer. 

(c)  Acquisition as dividend or distribution or under agreement.- This subtitle does not prohibit a life insurer from acquiring other or additional securities or property that is received: 

(1) as a dividend; 

(2) as a lawful distribution of assets; or 

(3) under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. 
 

[An. Code 1957, art. 48A, § 89; 1995, ch. 36.]