§ 7-403. Pre-acquisition notification requirements

   (a) Filing with Commissioner. --

   (1) The acquiring person in an acquisition subject to this subtitle must file a pre-acquisition notification with the Commissioner.

   (2) The acquired person in an acquisition subject to this subtitle may file a pre-acquisition notification.

(b) Time of filing. -- The pre-acquisition notification must be filed at least 30 days before the acquisition subject to this subtitle is proposed to become effective.

(c) Form and contents. --

   (1) The pre-acquisition notification must be in the form and contain the information required by the National Association of Insurance Commissioners relating to those markets that, under § 7-402(6) of this subtitle, cause the acquisition not to be exempt from this subtitle.

   (2) The Commissioner may require a pre-acquisition notification to contain:

      (i) additional material and information that the Commissioner considers necessary to determine whether the proposed acquisition, if effective, would violate § 7-405(a)(1)(i) of this subtitle; and

      (ii) the opinion of an economist about the competitive impact of the acquisition in the State, together with a summary of the education and experience of the economist indicating the economist's ability to make an informed opinion.

HISTORY: An. Code 1957, art. 48A, § 494A; 1995, ch. 36.