468 LAWS OF MARYLAND. [CH. 297
panics", said new section to be known as Section 155A, to
follow immediately after Section 155 and to read as follows:
155A. No action or court proceeding shall be brought
against a member or policyholder of a domestic or foreign
mutual insurance company, for the purpose of enforcing an
assessment, more than one year after the termination of such
policy unless the member or policyholder sought to be charged
shall have been notified of such assessment within one year
after the termination of his policy.
SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1941.
Approved May 26, 1941.
CHAPTER 297.
(House Bill 278)
AN ACT to repeal and re-enact, with amendments Section 111
of Article 48A of the Annotated Code of Maryland (1939
Edition), title "Insurance", sub-title "Life, Accident and
Health Insurance", relating to Valuation of Policies.
SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 111 of Article 48A of the Annotated Code
of Maryland (1939 Edition), title "Insurance", sub-title "Life,
Accident and Health Insurance", be and the same is hereby
repealed and re-enacted, with amendments, to read as follows:
111. Valuation of Policies. As soon as practicable in each
year, the actuary shall, under the supervision of the Commis-
sioner, calculate the net value on the thirty-first day of
December of the previous year, of all the policies and additions
thereto, and all obligations for the payment of annuities in
force on that day of each life insurance company doing busi-
ness in this State organized by authority of this State. Every
foreign life insurance company doing business in this State
shall file with the Commissioner a certificate from the Insur-
ance Commissioner or proper official of the State, territory,
district or government by whose authority the company was
organized, or in which it may elect to have its policies valued
and its deposits made, giving the net value of all policies in
force in the company on the thirty-first day of December, in
the year nineteen hundred and two, based upon the American
Experience Table of Mortality, and four and one-half per cent
|
|