WM. PRESTON LANE, JR., GOVERNOR. 397

146A, both to follow immediately after Section 146 of said
Article, relating to the making, filing and approving of
rates and policies for title insurance.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new sub-title and a new section be and they are
hereby added to Article 48A of the Annotated Code of Mary-
land (1939 Edition), title "Insurance", said new sub-title to
be known as "Title Insurance", and said new section to be
known as Section 146A, both to follow immediately after
Section 146 of said Article, and to read as follows:

TITLE INSURANCE
146A.

1. (Purpose of Sub-Title.) The purpose of this sub-title
is to promote the public welfare by regulating insurance rates
to the end that they shall not be excessive, inadequate or
unfairly discriminatory, and to authorize and regulate co-
operative action among insurers in rate making and in other
matters within the scope of this sub-title. Nothing in this
sub-title is intended (1) to prohibit or discourage reason-
able competition, or (2) to prohibit or encourage, except to
the extent necessary to accomplish the aforementioned pur-
pose, uniformity in insurance rates or practices, or contracts,
policies or guarantees of insurance. This sub-title shall be
literally interpreted to carry into effect the provisions of this
section.

2. (Scope of Sub-Title.) This sub-title applies to all
kinds and classes of insurance which insures or guarantees
titles to real or leasehold property or any estate therein, or
against loss by reason of defects, encumbrances, liens or
charges on real or leasehold property or any estate therein;
or which insures or guarantees the validity, priority and
status of real and leasehold property liens and estates; or
which insures or guarantees the correctness and sufficiency
of searches for instruments, liens, charges or other matters
affecting the title to real or leasehold property or any estate
therein. Any corporation making such guarantees or issu-
ing such insurance shall be deemed to be engaged in the
business of title insurance and is hereinafter referred to as
"Insurer".

3. (Making Rates.) All rates will be made in accordance
with the following provisions:

(a) Rates shall be reasonable and adequate for the class
of risks to which they apply.