686
To accept
valuation
Proviso.
Required to
make a full
detailed list.
fire insur-
ance.
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LAWS OF MARYLAND.
require the company at once to cease doing new
business; and he shall immediately institute pro-
ceedings'to determine what further shall be done in
the case; and it is hereby made the duty of the In-
surance Commissioner, after having determined, as
above, the amount of the net value of all the policies
in force, to see that the company has that amount in
safe, legal securities, of the description and character
hereafter provided for in tins Act, after all its other
debts and claims against it, exclusive of capital stock,
have been provided for.
Fourth. He shall accept the valuation made by the
Insurance Commissioner of the State under whoso
authority a life insurance company was organized, or
that of the State in which it may elect to have its policies valued, when such valuations have been properly
made on sound and recognized principles, and legal
basis, not less than the above; 'provided, the company
shall furnish to the Insurance Commissioner of this
State a certificate from the Insurance Commissioner
of such State, setting forth the value, calculated on
the data designated above, of all the policies in force
in the company on the previous thirty-first day of
December, and stating that, after all the other debts
of the company and claims against it at that time
were provided for, the company had in safe securi-
ties, of the character specified in this Act, an amount
equal to the net value of all its policies in force, and
that said company is entitled to do business in its
own State; and every Life Insurance Company doing
business in this State, during the year for winch the
statement is made, that fails promptly to furnish the
certificate aforesaid, shall be required to make a full
detailed list of policies and securities to the Insurance
Commissioner of tills State, and shall be liable for
all charges and expenses consequent upon not having
furnished said certificate.
Fifth. For every company doing fire insurance
business in this State lie shall calculate the re-insur-
ance reserve for unexpired fire risks, by taking fifty
per cent. of the premiums received on all unexpired
risks that have less than one year to run, and a pro
rata of all premiums received on risks that have one
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