20 CORPORATIONS. [ART. 23

Insurance Companies.

1900, ch 660.

116. Every life or health insurance company incorporated
under this article, except organizations formed under the pro-
visions of section 128 of this article, as amended by chapter
256 of the acts of 1894, shall have a guaranteed capital of
not less than one hundred thousand dollars, which shall be
invested either in securities of the United States, of the State
of Maryland, or of the city of Baltimore, and the same
shall, before said company shall commence issuing policies, be
deposited in the treasury of this State as a guarantee for the
payment of the policies of insurance issued by said company;
and the said company, from time to time, as it shall deem proper,
may sell and dispose of the said securities, and exchange and
redeposit with the State Treasurer, under such rules and regula-
tions for said exchange and deposit as he shall direct, the said
company confining the said business of sale, disposition and
exchange of said securities to either or all of said securities above
named in this section; and the interest and profits accruing
and made on said securities, and the sale or exchange thereof,
shall be collected by and paid to said company.

1900, ch. 744.

118A. Every insurance company, foreign or domestic, shall
conduct its business in this State in its own proper or corporate
name, and the policies and contracts of insurance issued by it
shall be headed or entitled only by its proper or corporate name.

Insurance Department.

1900, ch. 700.

121. There shall be a distinct department, to be known as the
insurance department, which shall be charged with the execu-
tion of the laws of this State in relation to insurance, the chief
officer of which shall be appointed by the Governor, Treasurer
and Comptroller tor the term of four years, and shall be known
as the Insurance Commissioner, and shall receive an annual
salary of twenty-five hundred dollars, payable only out of the
fees of said department authorized by this article, and shall hold
office during the term for which he is appointed, or until his suc-