1100 LAWS OF MARYLAND [CH. 538

through a resident agent that are applicable to stock insur-
ance companies effecting the same kinds of insurance : provided
that this requirement shall not apply to transactions of such
companies which have no agents and pay no commissior.
Such company may insert in any form of policy prescribed by
the law of this State any provision or conditions required by its
plan of insurance which are not inconsistent or in conflict with
any law of this State. Such policy, in lieu of conforming to
the language and form prescribed by such law. may conform
thereto in substance, if such policy includes a provision or
endorsement reciting that the policy shall be construed as if
in the language and form prescribed by such law, and a copy
of such policy and endorsement, it any, shall have been first
filed with and shall not have been disapproved by the State
Insurance Commissioner.

154P. The taxable premiums or premium receipts, or
premium deposits, of any mutual insurance company organized
in or admitted to this State, for the purpose of taxation under
any law of this State, shall be the gross premiums, or premium
deposits, received for insurance upon property or risks located
in this State, deducting amounts paid for reinsurance upon
which a tax has been or is to be paid in this State, and deduct-
ing premiums, or premium deposits, upon policies not taken,
premiums, or premium deposits, returned or cancelled policies,
and any refund or return made to policyholders other than for
losses. The taxes and fees paid by mutual insurance com-
panies under the provisions of this Act shall be in lieu of all
other fees, licenses and taxes, State, county, and municipal,
except such taxes on real estate and tangible personal prop-
erty as may be levied under other provisions of law.

154Q. From time to time the directors of any such com-
pany may, by vote, fix and determine the percentage of divi-
dend or expiration return of premium to be paid on expiring
policies, which percentages may differ, following the different
loss experience of different classes of risks of the same term.
But all policies insuring risks in the same classification, shall
have an equal rate of dividend or expiration return of premium
for the same term, and in case of an assessment, the rate
thereof may be different for each different class of risks, pro-
vided that every policy in a company thus dividing its risk
in two or more classifications shall, when issued, bear an
endorsement clearlv indicating the class to which it is assigned.