INSURANCE. 1831

unauthorized companies as provided by section 75, make a false affidavit,
shall be guilty of perjury and shall be proceeded against and punished as
provided by the statutes of this state in relation to the crime of perjury,
and any policy of insurance obtained by means of such false affidavit shall
be void, and the license or authority for such unauthorized insurance shall
be cancelled by the commissioner. The obtaining or possession of any such
policy insuring against loss by fire, lightning or tornado on property
situated in this state issued by companies not authorized to do business in
this state, without complying with the provisions of sections 74, 75, 76 and
77 shall be a misdemeanor, and any person convicted thereof shall be
subject to a fine not less than one hundred dollars or more than one thousand
dollars, or imprisonment in the jail of Baltimore City or of the county of
this state where such offense may be committed, for a period not less than
one month or more than six months, in discretion of the court having'
jurisdiction. Any person who shall act as intermediary in any manner in
procuring or delivering any policy of insurance in violation of any of said
sections 74, 75, 76 or 77 shall be subject to all the penalties of this section
above enumerated.

1922, ch. 492, sec. 76.

79. Reinsurance Reserve. Every company doing a fire or inland insur-
ance business in this state, shall be charged with and maintain as any other
liability, an unearned or reinsurance reserve for all unexpired fire and
inland risks at the rate or in the proportion of fifty per centum of the
premiums written or renewed on all unexpired risks that have one year
or less to run, and pro rata for all premiums written or renewed on risks
that have more than one year to run. Every company doing a marine
insurance business shall be charged with a reinsurance reserve as above
at the rate of sixty per centum of all premiums written or renewed on all
marine risks for one year or covering more than one voyage, not terminated,
and one hundred per centum of all premiums written or renewed on policies
less than one year, not terminated. The reinsurance reserve on the business
of companies organized under the laws of foreign governments, shall be
calculated only upon the business of such companies in the United States
of America, and the assets of such companies held and invested in the
United States of America only shall be recognized as constituting the
admitted assets of such companies for reserve purposes.

1922, ch. 492, sec. 77.

80. Impairment of Capital. Having charged the company the re-insur-
ance reserve as above determined, for fire, inland and marine insurance,
and adding thereto all debts and claims against it, the commissioner shall,
in case he finds the capital stock of the company impaired to the extent of
twenty-five per cent., give notice to the company to make good its whole
capital stock within sixty days; and if this is not done he shall require the
company to cease to do new business within this state; and shall thereupon,
in case the company is organized under the authority of this state, immedi-
ate, institute such legal proceedings as are necessary to protect the rights
of all persons in said company.