460

STATE OF MARYLAND.

CHAP. 338

shall be possessed of and constantly maintain a sum of money
not less in amount than fifty thousand dollars, or in interest or
dividends-bearing securities of equal market value, and not in
default for interest or dividend, which shall be deposited with
the Insurance Commissioner of this State upon the terms pre-
scribed for the deposits made with the Treasurer of this
State, mentioned in section 116 of this Article; provided,
that weekly or monthly collection or industrial benefit socie-
ties of the State, incorporated before the first day of January,
1898, and which made a report to the said Insurance Commis-
sioner for the year 1897, may be only required to deposit with
the Insurance Commissioner, upon the terms above in this
section mentioned, the sum of tive hundred dollars, before the
first day of January 1893, and to deposit as aforesaid an
additional sum of five hundred dollars before the first day of
January in every year thereafter, until they shall have
each deposited, as aforesaid, the full sum of ten thousand

Proviso.

dollars. But should any of said companies included within
the terms of this proviso fail for thirty days after the first
day of any January as aforesaid, to make the deposit of five hun-
dred dollars in this proviso required, such company shall be
proceeded against by the Insurance Commissioner in the
manner provided in the seventh paragraph of section 122 of
this Article ; and provided, further, that nothing in this
section shall be construed to affect companies which have been
organized under the provisions of this section, as it existed
prior to the passage of this Act, and which were doing busi-
ness in this State prior to the passage of this Act ; and pro-
vided further, that whenever any company referred to in this
section shall elect to deposit with the said Insurance Commis-
sioner the sum of fifty thousand dollars, then said company
making said deposit shall have the right to issue policies up
to tive thousand dollars on any one life.

New section
added.

SEC. 2. And be it further enacted, That an additional sec-
tion be added to said Article 23 of the Code of Public General
Laws, title ''Corporations," sub-title "Insurance," to be known
and designated as section 122 A, the same to read as follows :

Actuary to
report
violations of
law to the
Insurance
Commis-
sioner.

Section 122 A. Whenever the actuary appointed by the
State Insurance Commissioner, as provided for by section 121
of this Article, shall ascertain that any insurance company
doing business in this State is writing and issuing policies upon
an insufficient, insecure or impracticable table of rates, then he
shall report the same to the Insurance Commissioner, who,
upon such report, shall notify such insurance company so
writing or issuing policies at rates less than are deemed in the
opinion of said actuary adequate for the protection of its