INSURANCE. 1795

79. Reinsurance reserve. 80. Impairment of capital. 81. Lloyds insurance. Life, Accident and Health Insurance. 82. Life insurance companies. 83. Valuation of policies. 84. Valuation of policies on lives of in- fants, 85. Valuation of securities. 86. Insurance for wife's sole use. 87. Misrepresentation in application. 88. Misstatement of age in application. 89. Postponement of dividends on poli- cies. 90. Underaverage risks. 91. Insurance or reinstatement of un- sound person. 92. Inadequate rates. 93. Misrepresentation of policy. 94. Fraud practiced against company. 95. Switching policies. 96. Penalty for violation of secs. 93, 94 and 95. 97. Impairment of capital. 98. Mutual industrial life insurance com- panies. 99. Conversion of mutual life to stock company. 100. Companies converted prior to July 1, 1916. 101. Insurance of infants. 102. Reserves for industrial accident and health insurance. 103. Bonds required of industrial agents.

Surety, Casualty, Liability and Compensation Insurance. 104. Corporate surety bonds authorized. 105. Qualifications and surplus. 106. Certificate of authority. 107. Corporate fiduciary shall not act as surety. 108. Premium reserve. 109. Claim reserves. 110. Liability and compensation claim re- serves. 111. Fidelity, surety and casualty claim reserves. 112. Revocation of licenses of foreign com- panies. Mutual Insurance Companies. 113. Mutual companies may assume any risk except life insurance. 114. Requirements prior to doing business. 115. Public or private corporations as members. 116. Membership voting. 117. Premiums. 118. Investments and deposits. 119. Investments in real and personal property... 120. Reserves. 121. Assessments. 122. Loans for business purposes. 123. Admission of foreign companies. 124. Licenses to foreign companies. 125. Taxes, fees, reserves, reports, exami- nations, publication, etc. 126. Tax on premiums; exemption.

158. See art. 45, sec. B, et seq., and notes.

159. Where a foreign insurance company has not complied with the requirements
of this section and secs. 161 and 182 of art. 23, An. Code, 1912, and a Baltimore broker
is applied to for fire insurance and he applies to certain brokers in New York, and they
apply to such insurance company; and the latter company mails the policies to the
New York brokers, who in turn send them to the Baltimore broker, who delivers them
to the insured, collects the premium and after deducting his commission, forwards the
balance through the brokers to the insurance company; the receiver of such insurance
company cannot recover assessments on such policies. Stevens v. Rasin Fertilizer Co.,
87 Md. 683.

159A. See art. 23, (Secs. 83 and 38

161. See notes to sec. 159 (this footnote).

167. This section referred to in construing art. 23, sec. 177—see notes thereto. Cum-
berland Gaslight Co. v. W. Va. Gas Co., 188 Fed. 585.

175. The Governor, comptroller and treasurer have the power (by unanimous action)
to remove the insurance commissioner without cause and without notice. History of
the insurance department. Townsend v. Kurtz, 83 Md. 340 (decided in 1896).

As to workmen's compensation insurance, see art. 101.

178. Sub-sec. 7 of this section does not authorize an insurance company to be de-
prived of its property without due process, and hence is not unconstitutional. Suit