246/Maryland Manual

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 consumer complaints and questions con-
cerning all insurance companies doing business in
the State (Code 1957, Art. 48A, secs. 1-574).

Subject to the evaluation and reestablishment
provisions of the Program Evaluation Act (sunset
law), authorization for the State Insurance Divi-
sion and the Insurance Commissioner continues
until July 1, 1993 (Chapter 175, Acts of 1982).

DIVISION OF FINANCIAL
REGULATION

BANK COMMISSIONER

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

One North Charles Street
1301 Blaustein Building
Baltimore 21201 Telephone: 659-6262
Toll Free: 1-800-492-7521

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 once every twelve months, at such
other times as the Commissioner may deem expe-

dient, and at any time upon request of the Board
of Directors of the institution. These examina-
tions can be made in conjunction with the federal
authorities.

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 5-809).

The General Assembly of 1929 passed the
Credit Union Law. This law provides that any
seven or more individuals who are Maryland resi-
dents and who have a common employer or are
members of a common organization or have simi-
lar occupations or employment within a defined
business district, industrial park, or shopping cen-
ter or who reside within an identifiable neighbor-
hood, rural district, county, or rural community
may act as incorporators to form a credit union
and apply to the Bank Commissioner for permis-
sion 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).

In creating the Maryland Credit Union Insur-
ance Corporation, the General Assembly made it
mandatory that State chartered credit unions be
insured by this corporation (Chapter 658, Acts of
1973). The statute requires the Bank Commis-
sioner 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
7-117).

The Sellers of Money Orders and Traveler's
Checks Law, formerly the Maryland Currency
Exchange Law, requires the Bank Commissioner