Section 7-603 - Registration statement. - Maryland Statutes

§ 7-603. Registration statement.
 

(a)  Filing with Commissioner required; form and contents.- Each insurer subject to registration shall file the registration statement on the form provided by the Commissioner, containing the following current information: 

(1) the corporate and capital structure, general financial condition, ownership, and management of the insurer and of any person controlling the insurer; 

(2) the identity and relationship of each member of the insurance holding company system; 

(3) any pledge of the insurer's stock, including stock of a subsidiary or controlling affiliate, for a loan made to any member of the insurance holding company system; 

(4) the following agreements in force, and transactions currently outstanding or that have occurred during the previous calendar year between the insurer and the insurer's affiliates: 

(i) loans, other investments, purchases, sales, and exchanges of securities of the affiliates by the insurer or of the insurer by its affiliates; 

(ii) purchases, sales, and exchanges of assets; 

(iii) transactions not in the ordinary course of business; 

(iv) except for insurance contracts entered into in the ordinary course of the insurer's business, guarantees or undertakings for the benefit of an affiliate that result in an actual contingent exposure to liability of the insurer's assets; 

(v) management agreements, service contracts, and cost-sharing arrangements; 

(vi) reinsurance agreements; 

(vii) dividends and other distributions to shareholders; and 

(viii) consolidated tax allocation agreements; 

(5) any other matters about transactions between the insurer and its affiliates that the registration statement form requires; and 

(6) a summary outlining all items in the current registration statement that represent changes from the prior registration statement. 

(b)  Information for compliance.- Each affiliate in an insurance holding company system shall give an insurer subject to registration under this subtitle that is in the same insurance holding company system complete and accurate information if that information is reasonably necessary to enable the insurer to comply with this subtitle. 

(c)  Filing statement with others.- Each insurer required to register under this subtitle shall: 

(1) file with the National Association of Insurance Commissioners a copy of the registration statement required by subsection (a) of this section; and 

(2) on request of the commissioner of any state where the insurer is authorized to do business, file with that commissioner a copy of the registration statement summary required by subsection (a)(6) of this section. 

(d)  Consolidated filing.- The Commissioner may allow or require affiliated insurers subject to registration under this subtitle to file a consolidated registration statement. 

(e)  Statement filed in other jurisdiction.- The Commissioner may require an insurer that is a member of an insurance holding company system and that is not subject to registration under this subtitle to provide to the Commissioner a copy of the registration statement or other information that the insurer files with the commissioner of the insurer's domiciliary jurisdiction. 
 

[An. Code 1957, art. 48A, § 495; 1995, ch. 36.]