MD SB982

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

Requires conversion plans to be approved by a majority of the holding company's board of directors and at least 75% of members who vote on the plan

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

Ensures existing policies of the reorganized stock insurer remain in effect after conversion, with membership interests transferring to the new mutual insurer

Grants the Commissioner authority to approve plans that comply with requirements and are equitable to members and policyholders, and to retain outside experts at the company's expense to review conversion plans

Takes effect October 1, 2026