{"data":{"id":"us-md/md.-code-insurance-3-221","jurisdiction":"us-md","citation":"Md. Code, Insurance § 3–221","heading":"","body":"(a) A domestic reciprocal insurer may merge with another reciprocal insurer or be converted to a stock insurer or mutual insurer if:\n(1) at least two-thirds of the subscribers who vote on the merger or conversion after notice vote in favor of the merger or conversion; and\n(2) the Commissioner approves the terms of the merger or conversion.\n(b) The Commissioner may not approve a plan for merger or conversion unless:\n(1) the plan is equitable to subscribers; and\n(2) for conversion to a stock insurer, the plan gives each subscriber:\n(i) preferential right to acquire stock of the proposed stock insurer proportionate to the subscriber's interest in the reciprocal insurer; and\n(ii) a reasonable length of time to exercise the preferential right.\n(c) If a domestic reciprocal insurer converts to a stock insurer or mutual insurer, the successor stock insurer or mutual insurer is subject to the same capital or surplus requirements and has the same rights as a like domestic insurer that transacts like kinds of insurance business.","path":["Article - Insurance"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gin\u0026section=3-221","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:28Z","sha256":"edb95a8d06858fa2d3a61094b95048976381b58a423731b57b5dbe28f0dcd2f4","source_id":"us-md","stale":false,"prev":"us-md/md.-code-insurance-3-220","next":"us-md/md.-code-insurance-3-222"},"notice":"GroundRules: Original legal text. Not legal advice."}