Section 7-203 - Disposal of investments when control ends. - Maryland Statutes

§ 7-203. Disposal of investments when control ends.
 

(a)  Required.-  

(1) Except as provided in subsection (b) of this section, within 3 years after a domestic insurer ends its control of a subsidiary, the domestic insurer shall dispose of all investments in the subsidiary that were made under § 7-202 of this subtitle. 

(2) The Commissioner may extend the time for disposal of the investments. 

(b)  Exception.- A domestic insurer is not required to dispose of an investment under subsection (a) of this section if, after the investment is made: 

(1) the investment meets the requirements for investment under another provision of this article; and 

(2) the domestic insurer notifies the Commissioner that the investment meets the other requirements. 
 

[An. Code 1957, art. 48A, § 493; 1995, ch. 36.]