Maryland legislation · 2026 Regular Session
Maryland HB1616: Mutual Insurance Holding Companies - Conversion to Mutual Insurers
Status: Signed into law, May 26, 2026
Authorizing a mutual insurance holding company that, directly or indirectly, owns 100% of the capital stock of a reorganized stock insurer to convert its mutual insurance holding company system to a mutual insurer on adoption and approval of a plan of conversion; and establishing certain requirements related to the plan of conversion and its submission to the Maryland Insurance Commissioner for approval.
What the bill says
An act concerning Mutual Insurance Holding Companies - Conversion to Mutual Insurers FOR the purpose of authorizing a mutual insurance holding company to convert its mutual insurance holding company system to a mutual insurer on adoption and approval of a plan of conversion; establishing certain requirements related to the plan of conversion and its submission to the Maryland Insurance Commissioner for approval; and generally relating to the conversion of mutual insurance holding companies to mutual insurers…
From the enrolled text, June 3, 2026:
AN ACT concerning Mutual Insurance Holding Companies - Conversion to Mutual Insurers FOR the purpose of authorizing a mutual insurance holding company to convert its mutual insurance holding company system to a mutual insurer on adoption and approval of a plan of conversion; establishing certain requirements related to the plan of conversion and its submission to the Maryland Insurance Commissioner for approval; and generally relating to the conversion of mutual insurance holding companies to mutual insurers. BY repealing and reenacting, without amendments, Article - Insurance Section 3-121.1(a) Annotated Code of Maryland (2017 Replacement Volume and 2025 Supplement) BY repealing and reenacting, with amendments, Article - Insurance Section 3-121.1(l) and (m) Annotated Code of Maryland (2017 Replacement Volume and 2025 Supplement) BY adding to Article - Insurance Section 3-121.2 Annotated Code of Maryland (2017 Replacement Volume and 2025 Supplement) SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, That the Laws of Maryland read as follows: Article - Insurance 3-121.1. (a) (1) In this section the following words have the meanings indicated. (2) "Mutual insurance holding company" means a nonstock corporation that: (i) is incorporated in the State in accordance with a plan of reorganization adopted and approved under this section; and Ch. 688 2026 LAWS OF MARYLAND (ii) is the parent of a reorganized stock insurer. (3) "Reorganized …