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Session Laws, 1941
Volume 582, Page 1099   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 1099

or upon the request of five or more of the stockholders, cred-
itors, policyholders, or persons pecuniarily interested therein,
who shall make affidavit of their belief, with specifications of
reason thereof, showing a prima facie case that such company
is in an unsound condition. Whenever the Insurance Com-
missioner may have reason to doubt the solvency or the cor-
rectness of the statement of any foreign company which may
have been licensed to do business in this State, or which may
be applying for said license, he shall communicate such doubts,
and the reasons therefor, to the Insurance Commissioner, or
other officer charged with the supervision of insurance corpo-
rations of the State in which said company is located, and if
he is not satisfied from the information obtained from such
Insurance Commissioner or other officer, or from the officers
of the company, that the condition of the company is such as
to warrant him in permitting it to transact business in this
State under the provisions of this Article, he shall notify such
company that it will be necessary for him to have its affairs
examined. Whenever an examination of any insurance com-
pany doing business in this State shall be determined upon
under the provisions of this Article, the examiner of the
insurance department and such other person or persons who
; shall be appointed by the Insurance Commissioner for that
purpose shall visit such company at its principal office and
make a thorough examination into its affairs; and if such
company shall refuse to permit such examination, or shall
refuse access to all its books and papers, or shall in any way
prevent or obstruct a thorough examination into its affairs,
he shall not grant a license to such company, or if a license
. shall already have been granted, he shall at once revoke it and
publish the fact of such revocation in one daily newspaper
published in the City of Baltimore. The Insurance Commis-
sioner shall be paid by the company whose affairs are exam-
ined, the traveling and other necessary expenses incurred in
any such examination, and in addition thereto, a per diem fee
to be fixed by the Commissioner. Whenever the necessity may
. appear, the Insurance Commissioner is authorized to employ
special examiners or assistants on a per diem basis, and to
charge the company whose affairs are examined for their
traveling and other necessary expenses, including the per
diem fee to be fixed by the Commissioner. The Insurance Com-
missioner shall collect all such fees and expenses, and pay the
same to the State Treasurer, and he shall draw, on proper
orders, from the State Treasury, the amounts necessary for
the salaries and expenses of his office, and for the payment of
per diem fees, but no official or employee of the department,
receiving a regular salary shall be paid or receive any addition-
al compensation or per diem fees, except to the extent permitted

 

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Session Laws, 1941
Volume 582, Page 1099   View pdf image (33K)   << PREVIOUS  NEXT >>


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