Maryland SB982 establishes requirements for mutual insurance holding companies converting to mutual insurers.

Maryland SB982 outlines the process for mutual insurance holding companies to convert to mutual insurers. It specifies that the assets of the mutual insurance holding company are considered assets of the reorganized stock insurer for policyholder claims. The bill mandates a 5-year plan of operation, a list of officers and directors, biographical affidavits, and other documents for the plan of conversion. The plan must be approved by the Commissioner and requires a majority vote from the board of directors and members of the mutual insurance holding company.

Maryland SB982 establishes requirements for mutual insurance holding companies converting to mutual insurers.

Maryland SB982 outlines the process for mutual insurance holding companies to convert to mutual insurers. It specifies that the assets of the mutual insurance holding company are considered assets of the reorganized stock insurer for policyholder claims. The bill mandates a 5-year plan of operation, a list of officers and directors, biographical affidavits, and other documents for the plan of conversion. The plan must be approved by the Commissioner and requires a majority vote from the board of directors and members of the mutual insurance holding company.