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402, Acts of 1970). The Division is under the di-
rection of the Insurance Commissioner, who is ap-
pointed by the Secretary of Licensing and Regula-
tion with the approval of the Governor and advice
and consent of the Senate (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. He authorizes and licenses insurance com-
panies, agents, brokers, approved attorneys, and
advisors for fire, casualty, life, accident, health, ti-
tle, and other insurance and annuities. The Com-
missioner also approves all policies for insurance
offered for sale in the State by authorized compa-
nies, authorizes rating bureaus and advisory orga-
nizations, and approves or disapproves the rates
for most lines of insurance.
The Insurance Division conducts periodic ex-
aminations of all companies organized under the
laws of Maryland and, from time to time, partici-
pates in the examination of non-resident compa-
nies doing business in the State. The Division also
investigates and resolves consumer complaints
and questions concerning all insurance companies
doing business in the State (Code 1957, Art. 48A,
sees. 14-616).
Authorization for the Insurance Division and
the Insurance Commissioner continues until July
1, 1993 (Code 1957, Art. 48A, sec. 15A).
DIVISION OF FINANCIAL
REGULATION
BANK COMMISSIONER
Margie Muller, Bank Commissioner
Vacancy, Deputy Bank Commissioner
The Brokerage, Suite 800
34 Market Place
Baltimore 21202 Telephone: 333-6262
Toll Free: 1-8(XM92-7521
The office of the Bank Commissioner was creat-
ed in 1910 (Chapter 219, Acts of 1910). The Bank
Commissioner is appointed by the Secretary of Li-
censing and Regulation with the approval of the
Governor and holds office at the pleasure of the
Secretary. The Commissioner's office has general
supervision over all banking institutions in the
State other than national banks. It must examine
each institution at least once every twelve months,
at such other times as the Commissioner may
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Licensing and Regulation/27 5
deem expedient, and at any time upon request of
the Board of Directors of the institution. These
examinations can be made in conjunction with
federal regulatory agencies.
Every bank, trust company, and mutual savings
bank is required to submit under oath to the Bank
Commissioner at least two reports in each calen-
dar year. Such reports must exhibit in detail the
resources and liabilities of the institution. These
reports are published in the local newspapers.
All new State banking institutions must incor-
porate 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. The Commissioner also must ap-
prove any mergers or voluntary liquidations and
acquisitions of State chartered or national banks
by out-of-state bank holding companies. On June
30 of each year the Commissioner submits a writ-
ten report to the Governor (Code Financial Insti-
tutions Article, sees. 2-101 through 5-1007).
The General Assembly of 1929 passed the Cred-
it Union Law. This law provides that any seven or
more Maryland residents who share common oc-
cupational, residential, or social experiences or
characteristics may act as incorporators to form a
credit union and apply to the Bank Commissioner
for permission to organize.
The Bank Commissioner supervises all State
chartered credit unions and is required to examine
these institutions at least once each year. All cred-
it unions must report annually to the Bank Com-
missioner (Code Financial Institutions Article,
sees. 6-101 through 6-704).
State chartered credit unions may be insured by
the National Credit Union Administration or the
Credit Union Insurance Corporation (Chapter
658, Acts of 1973). The Bank Commissioner must
certify to the Corporation a credit union's finan-
cial affairs, solvency, management, and director-
ship as being approved for insurance of its mem-
bers' shares and deposit accounts (Code Financial
Institutions Article, sees. 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
to supervise and regulate persons issuing checks,
drafts, and money orders for a fee. Persons who
wish to transact such business in Maryland must
procure an annual license from the Bank Commis-
sioner. All such persons must report periodically
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