EDWIN WARFIELD, ESQ., GOVERNOR.

467

ing, apportionment and distribution of surplus to the
policy holder shall be delayed for a longer period than
five years, and to add new Sections to Article 23 of the
Code of Public General Laws of 1904, to follow Section
198, and to be designated respectively as Sections 199
and 200.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the following sections be and they are hereby

CHAP. 273

added to Article 23 of the Code of Public General Laws of
1904, title "Corporations," sub-title "Insurance Depart-
ment," to follow Section 198, and to be designated respec-
tively as Sections 199 and 200.
199. No life insurance company authorized to transact
business in this State shall hereafter issue to or upon the

New sections
added.

life of any resident of this State any policy participating in
the profits or surplus under which the accounting, appor-
tionment and distribution of surplus to the policy holder
shall be delayed for a longer period than five years from the
date at which the insurance first went into effect, or from
any preceding accounting, apportionment or distribution of
surplus.
200. No life insurance company incorporated under the
laws of Maryland, or incorporated elsewhere and doing busi-
ness in said State, shall be permitted to enter into any agree-
ment with any policy holder or applicant for insurance
intended as a waiver of any of the provisions of this Act,
and it shall be the duty of the insurance commissioner to
revoke the authority of any such corporation to transact
business in this State for failure to comply with any of the
requirements of this Act.
SEC. 2. And be it further enacted, That this Act shall take
effect on July 1, 1906.
Approved April 2, 1906.

Prohibiting
life insur-
ance com-
panies from
issuing cer-
tain policies