Maryland § 8-440
Full text of Maryland Maryland Code § 8-440, with citation guidance and answers to common questions.
§ 8-440.
(a) A domestic society may convert to and be licensed as a mutual life insurer by complying with the applicable requirements of Title 3, Subtitle 1 of this article if the plan of conversion is approved by the Commissioner.
(b) (1) The plan of conversion shall be in writing and shall set forth the terms and conditions of the conversion.
(2) The board of directors shall submit the plan of conversion to the supreme legislative or governing body of the society at a regular or special meeting, by giving a complete copy of the plan with the notice of the meeting.
(3) Notice shall be given as provided in the applicable laws of the society for a regular or special meeting.
(4) The affirmative vote of two-thirds of the members of the body is necessary for approval of the plan.
(c) (1) Conversion to a mutual life insurer may not take effect unless approved by the Commissioner.
(2) The Commissioner may approve the conversion if the Commissioner finds that the proposed change conforms to the requirements of law and is not prejudicial to the certificate holders of the society.
Frequently Asked Questions About Maryland § 8-440
What does Maryland Code § 8-440 cover?
Section 8-440 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 § 8-440?
A common citation format is "Maryland Code § 8-440" (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 § 8-440 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.