66 LAWS OF MARYLAND.
CHAPTER 396.

AN ACT to repeal Sections 199 and 200 of Article 23 of the
Code of Public General Laws of 1904, as comprised in the
Acts of 1906, Chapter 273, entitled An Act to prohibit any
life insurance company doing business in the State of Mary-
land from issuing any policy participating in profits or sur-
plus under which the accounting, apportionment and distri-
bution 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 Sec-
tions 199 and 200, and to re-enact same with amendment.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 199 and 200 of the Code of Public General
Laws of 1904, be and the same are hereby repealed and re-
enacted with an amendment adding a new section thereto, to be
known as Section 200A, to follow in order said Section 200 as
re-enacted so that the said sections shall read as follows, to
wit:

199. No life insurance company authorized to transact busi-
ness in this State shall hereafter issue to or upon the life of
any resident of this State any policy participating in the
profits or surplus, under which the accounting, apportionment
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 account-
ing, 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, in-
tended 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.

200A. Neither of the two foregoing sections shall apply to
policies written on under-average risks, but such under-aver-
age insurance may be written upon such terms as the parties
may agree upon and the surplus may be apportioned and divi-
dends declared and paid annually, or at longer intervals in the
manner and proportions, and among the parties entitled thereto
under the terms of their renewal contracts with the corpora-
tion.