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Session Laws, 1941
Volume 582, Page 1467   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 1467

and privileges specified under this sub-title when it shall be
solvent under said sub-title, shall be possessed of the amount
and character of assets and surplus required of domestic
mutual companies transacting the same class or classes of
business and shall have complied with the following additional
requirements:

(a) Filed with the Insurance Commissioner a certified copy
of its charter or articles and a certificate of the supervising
insurance official of the State in which it is incorporated, that
it is there organized and authorized to do such business as it
desires to transact in this State.

(b) Filed with the Commissioner a copy of its by-laws cer-
tified by its secretary.

(c) Appointed the Insurance Commissioner its agent for the
service of process, in any action, suit or proceeding brought
in this State, which authority shall continue so long as any
liability shall remain outstanding in this State.

(d) Filed a financial statement under oath, in such form as
the Commissioner may require, and have complied with other
provisions of the laws applicable to the filing of papers and
furnishing information by stock companies applying for au-
thority to transact the same kinds of insurance.

(e) If organized without the United States, make and main-
tain a deposit, if any, required of a like mutual insurance
company formed in this State for transacting the same kind
of insurance in the country in which such foreign company is
domiciled.

(f) Its name shall not be so similar to any name already
in use by any such existing corporation, company or associa-
tion organized or licensed in this State as to be confusing or
misleading.

(g) Any mutual insurance company organized outside of
this State, which is authorized to transact the business of in-
surance on the mutual plan, which neglects to comply with
the requirements of this section, which accepts citizens of the
State as members, and issues certificates or policies thereto,
shall issue said certificates or policies subject to the following
conditions:

(h) That the company consents that the State Insurance
Commissioner of Maryland is its agent for the service of
process, in any action, suit or proceeding brought in this State,
which authority shall continue so long as any liability shall
remain outstanding.

(i) That the certificates or policy shall not be forfeited for
failure of the insured to give notice of change of occupation.

(j) That when a member or policyholder is injured or killed
by accidental means, compensation or indemnity shall be paid
to him or his beneficiary or beneficiaries according to the

 

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Session Laws, 1941
Volume 582, Page 1467   View pdf image (33K)   << PREVIOUS  NEXT >>


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