Maryland § 3-123.1
Full text of Maryland Maryland Code § 3-123.1, with citation guidance and answers to common questions.
§ 3-123.1.
(a) Unless otherwise prohibited under this article and subject to the prior approval of the Commissioner, one or more mutual insurers organized under the laws of any state may form a business combination with one or more domestic mutual insurers for the purpose of purchasing reinsurance or other financial services.
(b) (1) Mutual insurers forming a business combination under this section shall enter into a written agreement that prescribes the terms and conditions of the business combination.
(2) The agreement shall be approved by the vote of the majority of the board of directors of each mutual insurer.
(c) The Commissioner may adopt regulations concerning the formation of business combinations under this section.
Frequently Asked Questions About Maryland § 3-123.1
What does Maryland Code § 3-123.1 cover?
Section 3-123.1 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 3-123.1?
A common citation format is "Maryland Code § 3-123.1" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 3-123.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.