US/Maryland Manual

fice of the Comptroller of the Treasury. The Divi-
sion became an independent agency by Chapter
106, Acts of 1878. It is under the direction of the
Insurance Commissioner, who is appointed by the
Governor (Code 1957, Art. 48A, sec. 15).

The Commissioner ensures that all the laws of
the State governing insurance companies or relat-
ing to the business of insurance are faithfully exe-
cuted.

The Commissioner authorizes and licenses in-
surance companies, agents, brokers, approved
attorneys, and advisors for fire, casualty, life, ac-
cident, health, title, and other insurance and an-
nuities. The Division conducts periodic examina-
tions of all companies organized under the laws
of Maryland and from time to time participates
in the examination of non-resident companies do-
ing business in the State. The Commissioner ap-
proves all policies for insurance offered for sale in
the State by authorized companies, authorizes rat-
ing bureaus and advisory organizations, and ap-
proves or disapproves the rates for most lines of
insurance.

The Insurance Division investigates and re-
solves complaints and questions that consumers
have concerning all insurance companies doing
business in the State (Code 1957, Art. 48A, secs.
1-574).

DIVISION OF FINANCIAL
REGULATION

BANK COMMISSIONER

Joseph R. Crouse, Bank Commissioner
Charles R. Georgius, Deputy Bank Commissioner
Charles C. Ehrig, Examiner V

One North Charles Street
1301 Blaustein Building
Baltimore 21201 Telephone: 659-6262

The office of the Bank Commissioner was cre-
ated by Chapter 219, Acts of 1910. The Bank
Commissioner is appointed by the Secretary of
Licensing and Regulation, with the approval of
the Governor, and holds office at the pleasure of
the Secretary of Licensing and Regulation. The
Commissioner's office has general supervision
over all banking institutions in the State other
than national banks. It must examine each insti-
tution at least twice in eighteen months and at
such other times as the Commissioner may deem

Every bank, trust company, and mutual sav-
ings institution is required to submit to the Bank
Commissioner, under oath, at least two reports in
each calendar year. Such reports must exhibit in
detail the resources and liabilities of the institu-
tion. These reports are published in the local
newspapers.

All new State banking institutions must orga-
nize under the supervision of the Commissioner
and must obtain a certificate before opening for
business. The Bank Commissioner must approve
all applications for a branch office made by a
State bank, trust company, or mutual savings in-
stitution, and must pass upon all amendments to
their charters. He must also approve any mergers
or voluntary liquidations. On June 30 of each
year he must make a written report to the Gover-
nor (Code Financial Institutions Article, secs.
2-101 through 5-806).

The General Assembly of 1929 passed the
"Credit Union Law," which provides that any
seven or more individuals who are residents of
Maryland and who have a common employer or
are members of a common organization or rural
community may act as incorporators to form a
credit union and make application to the Bank
Commissioner for permission to organize.

The Bank Commissioner supervises all State
chartered credit unions and is required to exam-
ine these institutions at least once each year. All
credit unions must report annually to the Bank
Commissioner in such form and manner as pre-
scribed by him (Code Financial Institutions Arti-
cle, secs. 6-101 through 6-704).

By Chapter 658, Acts of 1973, the General As-
sembly created the Maryland Credit Union In-
surance Corporation, making it mandatory that
State chartered credit unions be insured by this
corporation. The statute requires the Bank Com-
missioner to certify to the corporation a credit
union's financial affairs, solvency, management,
and directorship as being approved for insurance
of its members' share and deposit accounts (Code
Financial Institutions Article, secs. 7-101 through
7-118).

The Maryland Currency Exchange Law, which
became effective on January 1, 1960, requires the
Bank Commissioner to supervise and regulate
persons selling or issuing checks, drafts, and