# Maryland SB 0982: Mutual Insurance Holding Companies - Conversion to Mutual Insurers Maryland SB 0982, Mutual Insurance Holding Companies - Conversion to Mutual Insurers, is a 2026 Regular Session Senate bill sponsored by Cory V. McCray (Democratic); status signed, last action 2026-05-26 (Approved by the Governor - Chapter 687) (as of 2026-10-19). - Canonical: https://policyrisk.com/state-bill/MD-SB0982-2026RS - As of: 2026-10-19 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Maryland SB 0982 - State: Maryland - Session: 2026 Regular Session - Title: Mutual Insurance Holding Companies - Conversion to Mutual Insurers - Status: signed - Chamber: Senate - Introduced: 2026-02-15 - Last action: 2026-05-26, Approved by the Governor - Chapter 687 - Sponsor: Cory V. McCray (Democratic) - Cosponsors: 0 - Subjects: Insurance - Other than Health, Commerce and Business -see also- ElectrComm; ForeignTr; etc., Hearings, Insurance Administration, Insurance -see also- Health Ins; MAIF; Motor Vehicle Ins, Notices, Plans and Proposals, Rules and Regulations - Touches household money: no - Roll calls: 2 (175 yes, 0 no in all) - Economic provisions PRIA read: 4 ## Summary No summary available. ## Bill overview: provisions PRIA read - Member vote and state review required: benefit, low. Beginning October 1, 2026, a conversion plan must get a majority vote of each board. Members must approve it by at least 75% of votes cast. The company must give meeting notices in a way the Commissioner approves. The plan and required documents must reach the Commissioner at least 60 days before t… - Policies stay active; policyholders become members: benefit, low. Beginning October 1, 2026, every policy stays in effect when a conversion happens; changes can be made by endorsement. After conversion, anyone who buys a policy becomes a member of the mutual insurer. The converted mutual insurer must keep a surplus that is reasonably adequate to protect policyhol… - Stronger backup for policyholder claims: benefit, low. Beginning October 1, 2026, the holding company must be a party to any Title 9 case involving its reorganized stock insurer. In those cases, the holding company’s assets count as assets of the insurer’s estate to help pay policyholder claims. A mutual insurance holding company may dissolve or liquid… - Holding companies can convert to mutual insurers: mixed, low. Beginning October 1, 2026, a mutual insurance holding company that owns 100% of its reorganized stock insurer can convert into a mutual insurer under an approved plan. It also may choose the separate stock‑insurer path set in law. On conversion, membership interests become nontransferable member ri… ## Sponsors and cosponsors - Sponsor: Cory V. McCray (Democratic), Senate ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2026-04-13 | House | Third Reading Passed | pass | 132 | 0 | 8 | | 2026-04-08 | Senate | Third Reading Passed | pass | 43 | 0 | 3 | ## Actions (14) - 2026-05-26: Approved by the Governor - Chapter 687 - 2026-04-13: Returned Passed (Senate) - 2026-04-13: Third Reading Passed (132-0) (House) - 2026-04-11: Favorable Adopted Second Reading Passed (House) - 2026-04-11: Favorable Report by Judiciary (House) - 2026-04-09: Rereferred to Judiciary (House) - 2026-04-08: Referred Rules and Executive Nominations (House) - 2026-04-08: Third Reading Passed (43-0) (Senate) - 2026-04-07: Second Reading Passed (Senate) - 2026-04-07: Favorable Adopted (Senate) - 2026-04-06: Favorable Report by Finance (Senate) - 2026-03-23: Hearing 3/26 at 1:00 p.m. (Senate) - 2026-03-20: Rereferred to Finance (Senate) - 2026-02-15: First Reading Senate Rules (Senate) ## Bill text - Enacted, 2026-05-26: [PDF](https://mgaleg.maryland.gov/2026RS/Chapters_noln/CH_687_sb0982t.pdf) - Third Reading, 2026-04-07: [PDF](https://mgaleg.maryland.gov/2026RS/bills/sb/sb0982t.pdf) - First Reading, 2026-02-15: [PDF](https://mgaleg.maryland.gov/2026RS/bills/sb/sb0982f.pdf) ## Related bills - SB 0496: Maryland Medical Assistance Program - Coverage for the Treatment of Obesity - Authorization (became law) - SB 0366: Motor Vehicles - Intelligent Speed Assistance System Pilot Program - Establishment (became law) - SB 0244: Code Revision - Health - Maryland Medical Assistance Program (became law) - SB 0148: Income Tax - Credit for 9-1-1 Specialist Retirement Income (Supporting Our 9-1-1 Specialists Act) (became law) - SB 0016: Child Support - Earnings Withholdings Limits (became law) - HB 0529: Code Revision - Health - Maryland Medical Assistance Program (became law) ## Sources - [Enacted (PDF)](https://mgaleg.maryland.gov/2026RS/Chapters_noln/CH_687_sb0982t.pdf) - [Third Reading (PDF)](https://mgaleg.maryland.gov/2026RS/bills/sb/sb0982t.pdf) - [First Reading (PDF)](https://mgaleg.maryland.gov/2026RS/bills/sb/sb0982f.pdf) ## Related - [SB 0496: Maryland Medical Assistance Program - Coverage for the Treatment of Obesity - A…](https://policyrisk.com/state-bill/MD-SB0496-2026RS) - [SB 0366: Motor Vehicles - Intelligent Speed Assistance System Pilot Program - Establishm…](https://policyrisk.com/state-bill/MD-SB0366-2026RS) - [SB 0244: Code Revision - Health - Maryland Medical Assistance Program](https://policyrisk.com/state-bill/MD-SB0244-2026RS) - [SB 0148: Income Tax - Credit for 9-1-1 Specialist Retirement Income (Supporting Our 9-1-…](https://policyrisk.com/state-bill/MD-SB0148-2026RS) - [SB 0016: Child Support - Earnings Withholdings Limits](https://policyrisk.com/state-bill/MD-SB0016-2026RS) - [HB 0529: Code Revision - Health - Maryland Medical Assistance Program](https://policyrisk.com/state-bill/MD-HB0529-2026RS) - [Maryland bills](https://policyrisk.com/states/maryland/bills) - [Maryland state hub](https://policyrisk.com/states/maryland) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/MD-SB0982-2026RS (as of 2026-10-19).