|
|
|
|
|
|
|
146 CORPORATIONS. [ART. XXIII
insurance without authority of the company, association or organiza-
tion for which he pretends or claims to act, or who shall secure or obtain
any cash or pecuniary advantages from any such company, association
or organization by any false statement, or who shall fail to turn over
when required to do so, or satisfactorily account for all collections for
or on account of or property of any such company, association or organi-
zation shall be deemed guilty of a misdemeanor, and subject to the pen-
alties prescribed by Section 205 of this Article.
1916, ch. 194, sec. 201A.
201A. All bonds and other evidences of debt held by any Life
Insurance Corporation authorized to do business in this State, may, if
amply secured and not in default as to principal or interest, be valued
for any and all purposes for which valuation may be made, or is
required to be made, under the Laws of this State as follows:
If purchased at par, at the par value;
If purchased above or below par, on the basis of the purchase price
adjusted so as to bring the value to par at maturity, and so as to yield
meantime the effective rate of interest at which the purchase was made;
provided, that the purchase price shall in no case be taken at a higher
figure than the actual market value at the time of purchase; and pro-
vided further, that the Insurance Commissioner shall have full discre-
tion in determining the method of calculating values according to the
foregoing rule, and the values found by him in accordance with such
method shall be final and binding; provided also, that any such cor-
poration may return such bonds or other evidences of debt at their
market value or their book value, but in no event, at an aggregate value
exceeding the foregoing rule; and provided further, that all securities,
except those having a fixed term and rate and not in default as to prin-
cipal or interest, shall be valued according to the provisions of the laws
of this State, or the established practice in this State existing on April
4, 1916. But this section shall not be construed to apply to any insur-
ance corporation authorized to do business in this State, which shall not
elect to value its bonds and other evidences of debt by amortization as
herein provided.
Insurance Broker.
1904, art. 23, sec. 199. 1S94, ch. 377. 1900, ch. 740, sec. 143A.
1916, ch. 257, sec. 218.
218. All licenses for the purpose of conducting the occupation or
business of an insurance broker or broker's solicitor shall be granted by
the State Insurance Commissioner of Maryland, and all such licenses
granted by said Commissioner shall expire on the 1st day of May there-
after. Whoever, for compensation, acts or aids in any manner in nego-
tiating contracts of insurance or reinsurance, or placing risks or effect-
ing insurance or reinsurance for a person other than himself, and not
being a duly appointed solicitor, agent or officer of the company in
|
|
|
|
|
|
|
|
 |
