Section 7-303 - Pre-acquisition notification.
§ 7-303. Pre-acquisition notification.
(a) Filing with Commissioner required.- With respect to a transaction subject to this subtitle, a domestic insurer or a person controlling a domestic insurer must file with the Commissioner the pre-acquisition notification required under Subtitle 4 of this title.
(b) Time of filing.- The pre-acquisition notification must be filed at least 30 days before a transaction subject to this subtitle is proposed to become effective.
(c) Effects of failure to file.- The Commissioner may impose sanctions under § 7-405 of this title for failure to file the information required under subsection (a) of this section.
[An. Code 1957, art. 48A, § 494; 1995, ch. 36.]