{"data":{"id":"us-md/md.-code-insurance-7-102","jurisdiction":"us-md","citation":"Md. Code, Insurance § 7–102","heading":"","body":"(a) The General Assembly finds that the public interest and the interest of policyholders and stockholders may be adversely affected when:\n(1) control of an insurer is sought by a person that would use that control adversely to the best interest of policyholders or stockholders;\n(2) acquisition of control of an insurer would substantially lessen competition or create a monopoly in the insurance business in the State;\n(3) an insurer that is part of an insurance holding company system enters into transactions or relationships with affiliates on terms that are not fair and reasonable; or\n(4) an insurer pays to stockholders dividends that jeopardize the financial condition of the insurer.\n(b) The purposes of this title include promoting the public interest by:\n(1) requiring disclosures in acquisitions or mergers;\n(2) requiring disclosures of material transactions, relationships between an insurer and its affiliates, and dividends to stockholders paid by insurers;\n(3) requiring disclosures of relevant information about changes in control of insurers;\n(4) providing standards governing material transactions between an insurer and its affiliates; and\n(5) establishing penalties for failure to disclose and providing for the disapproval of certain transactions.","path":["Article - Insurance"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gin\u0026section=7-102","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:59:28Z","sha256":"5168395abae763b058f25ae3ba85acd14d32eac5dc872452b4cee546cd258a15","source_id":"us-md","stale":false,"prev":"us-md/md.-code-insurance-7-101","next":"us-md/md.-code-insurance-7-103"},"notice":"GroundRules: Original legal text. Not legal advice."}