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The Annotated Code of the Public Civil Laws of Maryland, 1911
Volume 372, Page 616   View pdf image (33K)
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616 CORPORATIONS. [ART. 23

interested therein, who shall make affidavit of their belief, with specifi-
cations of reasons therefor, showing a prima facie case that such com-
pany is in an unsound condition; and whenever the insurance commis-
sioner may have reason to doubt the solvency or the correctness of the
statement of any company not organized under the laws of this State,
which may have been licensed to do business in this State, or which
may be applying for said license, he shall communicate such doubts,
and the reasons for them, to the insurance commissioner, or other officer
charged with the supervision of insurance corporations of the State in
which said company is located, and if he is not satisfied from the
information obtained from such insurance commissioner 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 business in this
State, under the provisions of this article, he shall notify such company
that it will be necessary for him to have its affairs examined by some
person or persons by him appointed, and for that purpose the person or
persons by him appointed shall visit such company at its principal office
and make a thorough examination into all its affairs; and if such com-
pany shall refuse to permit such examination, or shall refuse free
access to all its books and papers, or shall in any way prevent or
obstruct a thorough examination into its affairs, he shall not grant a
license to such company, or if a license shall already have been granted,
he shall at once revoke it and publish the fact of such revocation in one
daily newspaper published in the city of Baltimore, and the person or
persons by him appointed for any of the purposes mentioned herein
shall each be entitled to a sum not exceeding ten dollars ($10) for each
and every day he or they are engaged in any such examination, and
in addition thereto he or they shall be paid his or their traveling and
other expenses, which said per diem and expenses shall be paid by the
company whose affairs are examined, and, if not paid within ten days
after the completion of such examination, may be sued for by the
insurance commissioner; for the purpose of any examination author-
ized by law, the insurance commissioner, or the person or persons by
him appointed, shall have power to summon and examine any person
being within this State, under oath, which said insurance commissioner,
or person or persons, are hereby authorized to administer in relation
to the affairs and conditions of any insurance company; and in order
that the public may be fully informed as to the condition of all com-
panies doing business in this State, the result of the official examina-
tion of any such company, within thirty days thereafter, in such con-
densed form as shall show the true condition of the company examined,
shall be published by the insurance commissioner at the expense of the
company in one daily newspaper printed and published in the city of
Baltimore; and should any insurance company organized under the
laws of this State refuse to permit its affairs to be examined as herein
provided, or refuse free access to its books or papers, or in any manner
whatever prevent a thorough examination, the said insurance commis-

 

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The Annotated Code of the Public Civil Laws of Maryland, 1911
Volume 372, Page 616   View pdf image (33K)
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