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Commissioner Tyler Announces Hearing Regarding Medical Mutual
The State of Maryland, Sep 14, 2007
Baltimore, MD … The Maryland Insurance Commissioner Ralph S. Tyler announced that he will hold a hearing next month to determine issues relating to a proposal from Medical Mutual Liability Insurance Society of Maryland (Medical Mutual) to pay a $68 million dividend, including a portion of the dividend properly owed to the State. Medical Mutual declared a dividend of $68 million on September 12.
“I need a greater opportunity to review and digest this proposal,” said Commissioner Tyler. “With this amount of money at stake, I want to be sure that it is handled appropriately.” In the Order issued today, a hearing is set for October 5, 2007. Until then, Medical Mutual shall take no action on, or with respect to, the company’s Dividend Resolution, including any action to implement the Dividend Resolution or to create expectations that it will be implemented in the fashion described in the Dividend Resolution.