clear space clear space clear space white space
A
 r c h i v e s   o f   M a r y l a n d   O n l i n e

PLEASE NOTE: The searchable text below was computer generated and may contain typographical errors. Numerical typos are particularly troubling. Click “View pdf” to see the original document.

  Maryland State Archives | Index | Help | Search
search for:
clear space
white space
1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 630   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>
clear space clear space clear space white space

630 ARTICLE 48A.

tion of every such company to be made whenever he deems it prudent to

do so, or upon the request of five or more of the stockholders, creditors,
policyholders, or persons pecuniarly interested therein, who shall make
affidavit of their belief, with specifications of reason thereof, showing a
prima facie case that such company is in an unsound condition. When-

ever the Insurance Commissioner may have reason to doubt the solvency

or the correctness of the statement of any foreign company 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 there-
for, 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. Whenever an examination of any insur-
ance company doing business in this State shall be determined upon under
the provisions of this Article, the examiner of the insurance department
and such other person or persons who shall be appointed by the Insurance
Commissioner for that purpose shall visit such company at its principal

office and make a thorough examination into its affairs; and if such com-
pany shall refuse to permit such examination, or shall refuse 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 pub-
lished in the City of Baltimore. The Insurance Commissioner shall be
paid by the company whose affairs are examined, the traveling and other
necessary expenses incurred in any such examination, and in addition
thereto, a per diem fee to be fixed by the Commissioner. Whenever the
necessity may appear, the Insurance Commissioner is authorized to em-
ploy special examiners or assistants on a per diem basis, and to charge
the company whose affairs are examined for their traveling and other
necessary expenses, including the per diem fee to be fixed by the Com-

missioner. The Insurance Commissioner shall collect all such fees and
expenses, and pay the same to the State Treasurer, and he shall draw, on
proper orders, from the State Treasury, the amounts necessary for the
salaries and expenses of his office, and for the payment of per diem fees,
but no official or employee of the department, receiving a regular salary,
except the Senior Examiner, now acting as Examiner and Chief Clerk,
and who now receives compensation as provided by the budget and per
diem fees approved by the Insurance Commissioner when engaged in the
examination of companies, shall be paid or receive any additional com-
pensation or per diem fees, except to the extent permitted by the express
provisions of this sub-title. Provided, however, that the total amount

of salary and per diem fees for said Senior Examiner shall not exceed four


 

clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
1935 Cumulative Supplement to the Annotated Code of the Public General Laws of Maryland
Volume 378, Page 630   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>


This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.


Tell Us What You Think About the Maryland State Archives Website!



An Archives of Maryland electronic publication.
For information contact mdlegal@mdarchives.state.md.us.

©Copyright  October 06, 2023
Maryland State Archives