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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 1850   View pdf image (33K)
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1850 ARTICLE 48A.

assessment in proportion to their several liabilities expressed in their
policies. Each member shall be liable only on account of losses and expenses
incurred while his policy was in force, and he shall be notified of such
assessment within one year after the termination of such policy; provided,
that the commissioner by written order, may relieve the company from an
assessment or other proceeding to restore such assets during the time fixed
in such order; and provided, that any domestic company which shall be
deficient in providing the unearned premium reserve required hereby,
may notwithstanding such deficiency, come under this act on the condition
that it shall each year thereafter reduce such deficiency by at least fifteen
per cent, of the original amount thereof, and in such case it may increase
its assessments accordingly.

1922, ch. 492, sec. 119.

122. Loans for Business Purposes. Any director, officer or member of
any such company, or any other person, may advance to such company any
sum or sums of money necessary for the purpose of its business, or to enable
it to comply with any surplus requirements, or any other requirements of
the law, and such moneys, and such interest thereon as may have been
agreed upon, not exceeding six per cent, per annum, shall be payable only
out of the surplus remaining after providing for all reserves and other
liabilities, and shall not otherwise be a liability or claim against the com-
pany or any of its assets. No commission or promotion expenses shall be
paid in connection with the advance of any such money to the company,
and the amount of such advance shall be reported in each annual statement.

1922, ch. 492, sec. 120.

123. Admission of Foreign Companies. Any mutual insurance com-
pany organized outside of this state and authorized to transact the business
of insurance on the mutual plan in this state, shall be admitted and licensed,
subject to the approval of the state insurance commissioner, as aforesaid, to
transact the kinds of insurance authorized by its charter or articles of
incorporation to the extent and with the powers and privileges specified
under this sub-title, and when it shall be solvent under said sub-title and
shall have complied with the following requirements:

(a) Filed with the insurance commissioner a certified copy of its
charter or articles and a certificate of the supervising insurance official of
the state in which it is incorporated, that it is there organized and author-
ized to do such business as it desires to transact in this state.

(b) Filed with the commissioner a copy of its by-laws certified to by
its secretary.

(c) Appointed the insurance commissioner its agent for the service of
process, in any action, suit or proceeding brought in this state, which
authority shall continue so long as any liability shall remain outstanding
in this state.

(d) Filed a financial statement under oath, in such form as the com-
missioner may require, and have complied with other provisions of the
laws applicable to the filing of papers and furnishing information by stock

 

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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 1850   View pdf image (33K)
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