1002                           LAWS OF MARYLAND                       [CH. 553

days in which to approve the application by issuing an appropriate
certificate of authority or disapprove the application by issuing an
order setting forth the grounds for such disapproval. The Commis-
sioner may extend such sixty (60) day period for an additional sixty
(60) days by notifying the applicant in writing of such extension.
If the application is not approved or disapproved within the time
period as set forth above, but in no event to exceed one hundred and
twenty (120) days, the application shall be deemed to be approved
and the Commissioner shall thereupon issue the appropriate certifi-
cate of authority. THE WAITING PERIOD SHALL COMMENCE
AS OF THE DATE ALL INFORMATION AND DOCUMENTS
REQUIRED BY THE INSURANCE COMMISSIONERS COMMIS-
SIONER ARE RECEIVED.

(2) The certificate, if issued, shall specify the kind or kinds of
insurance the insurer is authorized to transact in Maryland. At the
insurer's request, the Commissioner may issue a certificate of author-
ity limited to particular types of insurance or insurance coverages
within the scope of a kind of insurance as defined in subtitle 4 of this
article.

54.    Expiration of Certificates of Authority.

All original and renewal certificates of authority heretofore or
hereafter issued to insurers shall, unless previously suspended or re-
voked, expire at midnight on the 30th day of June succeeding the date
of the issuance of such certificate of authority. Upon payment of the
annual continuation fee provided in Section 41 before the expiration
date of a certificate of authority, the same shall remain in effect until
a new certificate of authority is issued or specifically refused.

55.    Refusal, Revocation or Suspension of Certificate of Authority.

(1) The Commissioner shall refuse to issue or to renew or shall
revoke or suspend an insurer's certificate of authority:

(i)   If such action is required by any provision of this article; or

(ii) If the insurer no longer meets the requirements for the author-
ity originally granted, on account of deficiency in assets or other-
wise; or

(iii) If the insurer is insolvent or fraudulently conducted, or its
assets are not sufficient for carrying on the business of the insurer.

(2)   The Commissioner may refuse to issue or after a hearing
refuse to renew, or may revoke or suspend an insurer's certificate
of authority, in addition to other grounds therefor in this article, if
the insurer:

(i) Violates any provision of this article other than those as to
which refusal, suspension or revocation is mandatory.

(ii) Knowingly fails to comply with any lawful rule, regulation or
order of the Commissioner.

(iii) Is found by the Commissioner to be in unsound condition or
in such condition as to render its further transaction of insurance
business hazardous to its policyholders or to the public.

(iv) As a general scheme or plot without just cause compels claim-