364

INSURANCE COMPANIES. [ART. 42.

.
visions of this act, he shall notify such company that it will be nec-
essary for him to examine its affairs before giving it authority so to
transact business in this State; and for that purpose he shall visit
such company at its principal office, and make, or cause to be made,
under his supervision, a thorough examination into all its affairs,
and such examination shall only go to the extent of ascertaining
whether the assets claimed to be possessed by such company are
bond fide their own property, and of the character required by law,
and the actual value thereof, and to the extent of ascertaining the
liabilities of such company; and the expenses of such examination
shall be paid by the company. And if such company shall refuse
to permit such examination, or shall refuse free access to all its books
and papers, or shall in any way prevent or obstruct a thorough ex-
amination into its affairs, he shall not grant a license to such com-
pany, or if a license shall have been already granted he shall at once
revoke it, and publish the fact of such revocation in one daily news-

Powers of com-
missioner for
purpose of
examination

paper published in the city of Baltimore For the purpose of exami-
nations authorized by law, the insurance commissioner shall have
power to summon and examine any person, being within this State.
under oath, which he is hereby authorized to administer, in relation
to the affairs and condition of any insurance company; and in order

Publication of
condition of
companies

that the public may be fully informed as to the condition of com-
panies doing business in this State, the result of the official exami-
nation of any company doing business in this State shall, within
thirty days thereafter, in such condensed form as shall show the true
condition of the company examined, be published by the insurance
commissioner, at the expense of the company, in one daily news-
paper printed and published in the city of Baltimore.

Proceedings in
case of insol-
vency, fraud, or
insufficiency of
assets.

Ninth — Whenever the insurance commissioner shall have reason
to believe that any insurance company is insolvent, or fraudulently
conducted, or that its assets are not sufficient for carrying on the bu-
siness of the same, or during any non-compliance with the provisions
of this act, he shall make complaint thereof to the judge of the Cir-
cuit Court of Baltimore City, or any judge of the Circuit Court of
the county where the company or agent may be located, as the case
may be, which judge shall, upon the requisition of the commissioner,
appoint a commission consisting of the insurance commissioner and
two disinterested and competent persons, whose duty it shall be to
examine every detail of the business and condition of said com-
pany, and report in writing the result of such examination to the
judge appointing them, who shall, if in his judgment the charges of
insolvency, fraud, neglect, or abuse, as charged by the insurance
commissioner, are sustained by the said report, at once issue an in-

Closing up
affairs of com-
pany

junction suspending the business of said company; and the insurance
commissioner shall institute, or cause to be instituted, the necessary
proceedings under the laws of this State, to close the affairs of any
insurance company of this State which shall appear to him, upon
examination, to be insolvent, or to be fraudulently conducted; and