668

LAWS OF MARYLAND.

Chapter 500.

AN ACT to add certain additional sections to article

twenty-six, of the Code of Public General Laws,

title " Corporations," sub-title " Insurance Com-

panies," for the regulation of the valuation of pol-

icies issued on the lives of persons under the age of

ten years, and prohibiting the business of insurance

to such as do not comply with these regulations.

SECTION 1. Be it enacted by the General Assembly

of Maryland, That the following additional sub sec-

Sub-sections
added.

tions be added to article twenty-six of the Code of

Public General Laws, title " Corporations," sub-title

" Insurance Companies."

SUB-SEC. 1. That any company, association, partner-

ship, or corporation, granting insurance on the lives of

persons under the age often years, and doing business

in the state of Maryland, or issuing policies on the

Value policies.

lives of residents of this state, must value all its pol-

icies issued on the lives of persons under the age of

ten years, in accordance with the general legal rules

for the valuation of life insurance policies based on

the mortality table known as Farr's No. three, for

Proviso.

males; provided, that in no case the valuation for the

said policies on the lives of persons under ten years of

age, shall be less than eight-tenths of the weekly gross

or office premiums thereon with no credit deferred net

premiums.

SUB-SEC. 2. That no company, association, partner-

ship or corporation of this State, or any other State or

Not authorized

nation granting insurance on the lives of persons under
ten years of age, shall be authorized to do business in

the State of Maryland except it complies with the pro-

visions of this act.

SEC. 2. And be it enacted, That this act shall take

Effective.

effect from the date of its passage.

Approved April 8, 1884.