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Session Laws, 1878
Volume 399, Page 139   View pdf image (33K)
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JOHN LEE CARROLL, ESQUIRE, GOVERNOR. 139

its affairs. At such time he shall have free access to


its books and papers, and shall thoroughly inspect


and examine its affairs to such extent, and make


such inquiries as may be necessary to ascertain its


condition and ability to fulfill its engagements, and


whether it has complied with all the provisions of


law applicable to its transactions. And whenever


the Insurance Commissioner may have reason to

Have reason

doubt the solvency or the correctness of the statement
of any company not organized under the laws of this

to doubt sol-
vency of com-
pany.

State, he shall communicate such doubts, and the


reasons for them, to the Insurance Commissioner or


other proper officer of the State in which such com-


pany is located. And if he is not satisfied from the


information obtained from such Insurance Commis-


sioner or other officer, or from the officers of the


company that the condition of the company is such

as to warrant him in permitting it to transact busi-


ness in this State, under the provisions of this act,


he shall notify such company that it will be neces-

Notify com-

sary for him to examine its affairs before giving it

pany it will

authority so to transact business in this State ; and

be necessary
to examine its

for that purpose he shall visit such company at its

affairs.

principal office, and make or cause to be made under


his supervision a thorough examination into all its

Cause thor-

aifairs, and such examination shall only go to the

ough examin-
ation.

extent of ascertaining whether the assets claimed to


be possessed by such company are bona fide their


own property, and of the character required by law,


and the actual value thereof, and to the extent of


ascertaining the liabilities of such company, and the


expenses of such examination shall be paid by the


company. And if such company shall refuse to

If company

permit such examination, or shall refuse free access

refuse exam-

to all its books and papers, or shall in any way pre-

ination.

vent or obstruct a thorough examination into its affairs,

Shall not

he shall not grant a license to such company, or if a

grant license.

license shall have been already granted he shall at once

Shall at once

revoke it, and publish the fact of such revocation in

revoke

one daily newspaper published in the city of Balti-

Publish in

more. For the purpose of examinations authorized

newspaper.

by law the Insurance Commissioner shall have power
to summon and examine any person being within this

Have power
to summon

State, under oath, which he is hereby authorized to

and examine

administer, in relation to the affairs and condition of

any person.

any insurance company ; and in order that the pub-




 

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Session Laws, 1878
Volume 399, Page 139   View pdf image (33K)
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