Md. Code, Ins. § 7-405. Unfair competitive practices prohibited: Maryland Insurance Acquisitions Disclosure and Control Act – Maryland

Status: Enacted
Year Enacted: 1995
Year Amended: 2012
File: Download

The Commissioner may enter an order under this section with respect to an acquisition subject to this subtitle if there is substantial evidence that the effect of the acquisition may be substantially to lessen competition in any line of insurance in the State or tend to create a monopoly, and the order may require an acquiring or acquired insurer, its affiliates, or the person resulting from a merger to cease and desist from doing business in the State with respect to the line of insurance involved in the violation; or deny the application of an acquiring or acquired insurer for a certificate of authority. The Commissioner may not enter an order under this section with respect to an acquisition subject to this subtitle if the acquisition will yield substantial economies of scale or economies in resource utilization that cannot be achieved feasibly in any other way, and public benefits from those economies outweigh the public benefits from not lessening competition; or the acquisition will increase substantially the availability of insurance, and public benefits from that increase outweigh the public benefits from not lessening competition.


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