§ 7-203. Disposal of investments when control ends

Latest version.

   (a) Required. --

   (1) Except as provided in subsection (b) of this section, within 3 years after a domestic insurer ends its control of a subsidiary, the domestic insurer shall dispose of all investments in the subsidiary that were made under § 7-202 of this subtitle.

   (2) The Commissioner may extend the time for disposal of the investments.

(b) Exception. -- A domestic insurer is not required to dispose of an investment under subsection (a) of this section if, after the investment is made:

   (1) the investment meets the requirements for investment under another provision of this article; and

   (2) the domestic insurer notifies the Commissioner that the investment meets the other requirements.

HISTORY: An. Code 1957, art. 48A, § 493; 1995, ch. 36.

                    
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