 |
Unannotated Code of Maryland (Last Updated: May 16, 2014) |
 |
INSURANCE |
|
TITLE 7. MARYLAND INSURANCE ACQUISITIONS DISCLOSURE AND CONTROL ACT |
|
SUBTITLE 1. DEFINITIONS; GENERAL PROVISIONS |
§ 7-101. Definitions [Subject to amendment effective January 1, 2014; amended version follows this section]
Latest version.
-
(a) In general. -- In this title the following words have the meanings indicated.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from the introductory language of former Art. 48A, § 492.
** REVISOR'S NOTE
The former limitation, "unless the context shall otherwise require", is deleted as an unnecessary statement of a standard rule of statutory construction that applies to all definitions.
(b) Affiliate. -- "Affiliate" means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another person.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 48A, § 492(a).
** DEFINED TERMS:
"Control" § 7-101
** DEFINED TERMS:
"Person" § 1-101
**
(c) Control; controlling; controlled by; under common control with. -- "Control", "controlling", "controlled by", or "under common control with" means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, through ownership of voting securities or of securities convertible into voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, whether or not the power is exercised or sought to be exercised.
SPECIAL REVISOR'S NOTE
Chapter 57, Acts of 1997, added this subsection, which was new language derived without substantive change from the first sentence of former Art. 48A, § 492(c).
DEFINED TERM:
"Person" § 1-101 **
(d) Insurance holding company. -- "Insurance holding company" means a person that directly or indirectly controls an insurer or controls a person that controls an insurer.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 48A, § 492(f).
REVISOR'S NOTE
The defined term "person" is substituted for the former word "company" for clarity and consistency throughout this article. Similarly, the defined term "insurer" is substituted for the former term "insurance company" for consistency throughout this article.
"Control" § 7-101
"Insurer" § 1-101
"Person" § 1-101
**
(e) Insurance holding company system. -- "Insurance holding company system" means two or more affiliates, at least one of which is an insurer.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 48A, § 492(g).
REVISOR'S NOTE
The word "means" is substituted for the former phrase "consists of" for clarity.
REVISOR'S NOTE
The defined term "insurer" is substituted for the former term "insurance company" for consistency throughout this article.
"Affiliate" § 7-101
"Insurer" § 1-101
**
(f) Subsidiary. -- "Subsidiary" means an affiliate of a person that, directly or indirectly, through one or more intermediaries, is controlled by that person.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 48A, § 492(j).
REVISOR'S NOTE
The word "specified", which formerly modified "person", is deleted as surplusage.
"Affiliate" § 7-101
"Control" § 7-101
"Person" § 1-101