1874 LAWS OF MARYLAND. [CH. 1007

112. A POLICY OF INSURANCE AS PROOF OF FINANCIAL RE-
SPONSIBILITY. A policy of insurance, as that term is used in
this Article, when offered as proof of financial responsibility
under this Article, shall mean an automobile public liability
and property damage policy, issued by an insurance carrier
authorized by the Commissioner of Insurance of the State of
Maryland to transact business in this State.

A copy of the form of such policy shall be filed with the
Commissioner of Insurance who shall within thirty (30) days
approve or disapprove of the same. If the Commissioner of
Insurance approves the same within such time or fails to take
action for thirty (30) days the form of policy shall be deemed
approved; provided, however, that the Insurance Commis-
sioner shall not approve, and his failure to approve or dis-
approve shall not be deemed an approval of, a form of policy
which does not meet the minimum requirements specified in
this Article; and provided further that when a policy of in-
surance has been issued which purports to be under the terms
of this Article, or when a duly authenticated certificate of the
insurance carrier has been furnished to the Department or the
Public Service Commission as the case may be under the
terms of this Article, then such insurance carrier shall be
obligated at least to the extent of the minimum requirements
of this Article, any provision of the policy of insurance to the
contrary notwithstanding. If within said thirty (30) days the
Commissioner of Insurance disapproves such form of policy up-
on the ground that it does not comply with the requirements of
this Article he shall give written notice thereof and his reasons
therefor to the carrier and to the Department or the Pub-
lic Service Commission as the case may be, and said policy
shall not be accepted as proof of financial responsibility under
this Article, provided that, if after a form of policy shall have
been approved by the Insurance Commissioner, either by his
failure to take formal action thereon, or otherwise, he may at
any time for good and sufficient reason revoke his approval
thereof, and give notice of his disapproval to the carrier and
to the Department or the Public Service Commission as the
case may be, and no permits shall be issued by the Department
or the Public Service Commission as the case may be, on
such policies, after the receipt of said notice. The Department
or the Public Service Commission as the case may be, shall
forthwith notify all persons operating under permits issued
on the basis of such disapproved policies that the form has
been disapproved and that their permits will stand revoked
unless satisfactory proof of financial responsibility in a policy
whose form has been approved by the Insurance Commissioner
is submitted within 30 days after the date of mailing of such
notice.