1. (a) A life insurer may not purchase an investment or security at a price above its market value.
2. (b) Subsection (a) of this section does not prohibit a life insurer from acquiring control of another insurer.

3. (c) This subtitle does not prohibit a life insurer from acquiring other or additional securities or property that is received:

   1. (1) as a dividend;
   2. (2) as a lawful distribution of assets; or
   3. (3) under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation.

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.

Formerly Art. 48A, § 89.