1190 LAWS OF MARYLAND. [CH. 492

sufficient to cover the probable expense and payments in each
case. The reserves for claims of the classes mentioned in this
section shall be first estimated and set aside by each such
company and may be inquired into and verified by the in-
surance commissioner, or any examiner from his office, during
any regular examination of said company, and if found to be
inadequate, the said company may be required to set aside
such reserves on claims mentioned in this section as may in the
aggregate be deemed reasonably and fairly sufficient by the
insurance commissioner.

SEC. 109. Revocation of Licenses of Foreign Companies.
Any foreign company authorized to do in this state the classes
of business • embraced within the provisions of this sub-title,
failing or refusing to maintain the premium, loss and other
reserves as required by this article, shall have its license to do
business in this state revoked until all the requirements of this
article with reference to said reserves shall have been fully
complied with.

MUTUAL INSURANCE COMPANIES.

SEC. 110. Mutual Companies May Assume Any Risk Except
Life Insurance. Any mutual insurance company organized,
licensed or admitted under the provisions of this article, is
empowered and authorized to make contracts of insurance,
or of reinsurance, or may cede or accept reinsurance, on the
whole or any portion of any risk, providing indemnity from
any loss which may be insured* against under any other pro-
visions of the laws of this state, excepting life insurance.
Such companies and the business transacted by them shall be
regulated by the provisions of this sub-title and by no other
law relating to insurance, unless such law is referred to under
this sub-title, and no law hereafter enacted shall apply to
such companies unless they be expressly designated therein.

SEC. 111. Requirements Prior to Doing Business. No cor-
poration organized under this sub-title shall issue policies or
transact any business of insurance unless it shall comply
with the conditions following, nor until the insurance commis-
sioner has, by formal license, authorized it to do so, and such
license shall not issue until the corporation shall have com-
plied with the following conditions:

(a) It shall hold bona fide applications for insurance upon
which it shall issue simultaneously, or it shall have in force,