MD HB1616

Authorizes mutual insurance holding companies that own 100% of a reorganized stock insurer's capital stock to convert back into a mutual insurer through an approved plan of conversion

Requires conversion plans to be approved by a majority of the board of directors and at least 75% of members who vote on the plan (in person, by proxy, or by mail)

Mandates submission of conversion plans to the Maryland Insurance Commissioner at least 60 days before the effective date, including a 5-year plan of operation, officer/director lists, and biographical affidavits

Ensures existing policies of the reorganized stock insurer remain in effect upon conversion, and membership interests transfer to the converted mutual insurer

Takes effect October 1, 2026