458

LAWS OF MARYLAND.

CHAP. 338.

the Insurance Commissioner, are sustained by the said report,
at once issue an injunction 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 be fraudulently conducted ; and the Insurance
Commissioner is a necessary party to any proceedings insti-
tuted for the purpose of closing up the affairs of any insurance
company, when the same shall not be in the name of the State
of Maryland ; it shall bo the duty of the Insurance Commis-
sioner to report in detail to the Attorney-General any viola-
tion of the laws relative to insurance companies, their officers
or agents, or the business of insurance ; and he shall have

Suits to be
Instituted.

power to institute suits and prosecutions, either by the
Attorney-General or such other attorney as the Attorney-
General may select, for any violation of the provisions of this
Article. Eighth. For every company doing fire and inland
insurance business. in this State he shall calculate the re-insur-
ance reserve for unexpired fire and inland risks by taking fifty
per centum of the premium received on all unexpired risks
that have less than one year to run, and a pro rata of all
premiums received on risks that have one year or longer to
run, and in marine insurance he shall charge sixty per centum
of the amount of premiums written in its marine policies upon
yearly risks and risks covering more than one passage, not
terminated, and the full amount of premium under its policies
upon all other marine risks less than one year, not terminated ;
provided, that the foregoing requirements or re-insurance
reserve when applied to companies organized under the laws
of foreign governments shall be calculated only upon the
business of such company in the United States, and only the
assets of such company held and invested in the United States
shall be recognized as constituting the reserve fund eo required.
Ninth. Having charged the company the re-insurance reserve

Notice given
to company
to make good
its capital
stock.

as above determined, for tire, inland and marine insurance,
and adding thereto all debts and claims against the com-
pany, he shall, in case he finds the capital stock of the
company impaired to the extent of twenty-five per
cent, give notice to the company to make good its
whole capital stock within sixty days ; and if this is
not done he shall require the company to cease to do new
business within this State; and shall thereupon, in case the
company is organized under the authority of this State, imme-
diately institute such legal proceedings as are necessary to
protect the rights af all persons in said company. Tenth. The
Insurance Commissioner shall preserve in permanent form a