INSURANCE 2155

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.
This section not applicable as deposit of securities was made before it was passed
though same not withdrawn immediately thereafter. Act 1916, ch. 256, did not require
surplus. Goldsborough v. Siegk, 150 Md. 566.

An. Code, 1924, see. 123. 1922, ch. 492, sec. 120. 1929, ch. 267. 1937, ch. 265.

157. (Admission of Foreign Companies.) Any mutual insurance com-
pany organized outside of this State and authorized to transact the busi-
ness 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, shall be possessed of the amount and character of assets and surplus
required of domestic mutual companies transacting the same class or classes
of business, and shall have complied with the following additional require-
ments :

(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
authorized to do such business as it desires to transact in this State.

(b) Filed with the Commissioner a copy of its by-laws certified 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 com-
panies applying for authority to transact the same kinds of insurance.

(e) If organized without the United States, make and maintain a de-
posit, if any, required of a like mutual insurance company formed in this
State for transacting the same kind of insurance in the country in which
such foreign company is domiciled.

(f) Its name shall not be so similar to any name already in use by any
such existing corporation, company or association organized or licensed
in this State as to be confusing or misleading.

(g) Any mutual insurance company organized outside of this State,
which is authorized to transact the business of insurance on the mutual
plan, which neglects to comply with the requirements of this section, which
accepts citizens of this State as members, and issues certificates or policies
thereto, shall issue said certificates or policies subject to the following
conditions:

(h) That the company consents that the State Insurance Commissioner
of Maryland is 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.

(i) That the certificates or policy shall not be forfeited for failure of
the insured to give notice of change of occupation.