Maryland SB982: Mutual Insurance Holding Companies - Conversion to Mutual Insurers

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. 687 2026 LAWS OF MARYLAND (ii) is the parent of a reorganized stock insurer. (3) "Reorganized …

Read the full official text

Sponsors

• Cory McCray (D, SD-045) · primary sponsor

Latest actions

1. May 26, 2026: Approved by the Governor - Chapter 687
2. April 13, 2026: Returned Passed
3. April 13, 2026: Third Reading Passed (132-0)
4. April 11, 2026: Favorable Adopted Second Reading Passed
5. April 11, 2026: Favorable Report by Judiciary
6. April 9, 2026: Rereferred to Judiciary
7. April 8, 2026: Referred Rules and Executive Nominations
8. April 8, 2026: Third Reading Passed (43-0)
9. April 7, 2026: Second Reading Passed
10. April 7, 2026: Favorable Adopted

Votes

• Third Reading Passed (132-0) (April 13, 2026): 132 yea, 0 nay, passed
• Third Reading Passed (43-0) (April 8, 2026): 43 yea, 0 nay, passed

Common questions

What is SB982?

SB982 is a bill in the Maryland Legislature (2026 Regular Session): Mutual Insurance Holding Companies - Conversion to Mutual Insurers.

What does SB982 do?

In its own words: 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…

What is the status of SB982?

Signed into law as of May 26, 2026. Latest action: Approved by the Governor - Chapter 687 (May 26, 2026).

Who sponsored SB982?

Cory McCray (D, SD-045).

Where is the official record for SB982?

On the Maryland Legislature website: https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0982?ys=2026RS