Section 7-403 - Pre-acquisition notification requirements. - Maryland Statutes

§ 7-403. Pre-acquisition notification requirements.
 

(a)  Filing with Commissioner.-  

(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)  Time of filing.- The pre-acquisition notification must be filed at least 30 days before the acquisition subject to this subtitle is proposed to become effective. 

(c)  Form and contents.-  

(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. 
 

[An. Code 1957, art. 48A, § 494A; 1995, ch. 36.]