PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 1443

vided that if at the time of such withdrawal liability shall ex-
ist against the accident fund for compensation to employes or
dependents of employes who have heretofore been killed or in-
jured as herein provided, such employer shall relieve the State
Accident Fund from such liability by depositing with the State
Treasurer for the benefit of said fund the then present value
of the total unpaid compensation for which such liability exists,
assuming interest at the rate of 6%, or by purchasing an an-
nuity with the limitations provided by law with any insurance
company approved by the Commission and licensed in this
State.

SEC. 27. As soon as practicable after December thirty-first,
nineteen hundred and seventeen, and annually thereafter, the
Commission shall calculate the total administrative expense in-
curred during the preceding calendar year in connection with
the examination, determination and payment of claims and per-
centage which this expense bore to the total compensatioa pay-
ments made during that year. The percentage so calculated
and determined shall be assessed against the insurance carriers
including the state fund as an addition to the payments re-
quired from them in the settlement of claims during the year
immediately following, and the amounts so secured shall be
transferred to the State Treasury to reimburse it for this por-
tion of the expense of administering this Act.

SEC. 28. If this Act shall be hereafter repealed, all moneys
which are in the State Accident Fund at the time of the repeal
shall be subject to such disposition as may be provided by the
Legislature, and in default of such legislative provision, distri-
bution thereof shall be in accordance with the justice of the
matter, due regard being had to obligations of compensation
incurred and existing.

SEC. 29. Every policy for the insurance of the compensa-
tion herein provided for, or against liability therefor, shall be
deemed to be made subject to the provisions of this Act. No
company or association shall enter into any such policy of in-
surance until such company or association shall first obtain
from the Insurance Commissioner of Maryland a license of au-
thority for the purpose, which said Commissioner of Insurance
shall have full power and authority from time to time to de-
termine the adequacy of its or their premium rates for carrying
compensation insurance as provided in this law, and until the
form of such policy shall have been approved by the State In-
dustrial Accident Commission; and said Insurance Commis-