1196 LAWS OF MARYLAND. [CH. 492

authorized to transact liability, compensation, casualty or
miscellaneous lines, shall pay the same annual license fees as
are required of stock fire insurance companies; provided, how-
ever, that when any other state imposes upon any mutual insur-
ance company incorporated under the laws of this state, fees,
taxes or charges in excess of or less than those prescribed by
the laws of this state for such mutual companies of other states,
then such non-resident mutual insurance companies shall pay
to the insurance commissioner of Maryland the same taxes,
fees or charges as are, or would be collected by such other state
from such mutual insurance companies incorporated under the
laws of this state. Every mutual insurance company, whether
organized within or without this state, shall make its annual re-
port in such form and submit to such examinations and furnish
such information as may be required by the commissioner. When-
ever such mutual insurance companies shall furnish to their
policyholders in this state annually, a detailed statement of their
financial condition, and shall also furnish a copy thereof to
the insurance commissioner for his approval, they shall be ex-
empt from the requirements of any laws of this state providing
for advertsing such statements in any newspaper. So far as
practicable, the examination of mutual insurance companies
organized outside of this state shall be made in cooperation
with the insurance departments of other states, and the forms
of annual report shall be such as are in general use throughout
the United States.

SEC. 123. Tax on Premiums; Exemption. 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 deducting premiums or premium
deposits, upon policies not taken, premiums, or premium de-
posits, returned on cancelled policies, and any refund or re-
turn made to policyholders other than for losses. The
taxes and fees paid by mutual insurance companies under the
provisions of this sub-title shall be in lieu of all other fees,
licenses and taxes, state, county, and municipal, except such
taxes on real estate and tangible personal property as may be
levied under other provisions of law.