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Session Laws, 1963
Volume 671, Page 1001   View pdf image (33K)
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J. MILLARD TAWES, Governor                     1003

ants to accept less than the amount due them or to bring suit against
it to secure full payment thereof.

(v) Refuses to be examined or to produce its accounts, records
and files for examination by the Commissioner when required; or re-
fuses to furnish such other additional information as the Commis-
sioner may deem advisable to consider the application for renewal of
such insurer's certificate of authority.

(vi) Fails to pay any final judgment rendered against it in Mary-
land within thirty (30) days after such judgment becomes final.

(vii) Is affiliated with and under the same general management
or interlocking directorate or ownership as another insurer which
transacts direct insurance in Maryland without having a certificate
of authority therefor, except as permitted to a surplus line insurer
under subtitle 13.

56.    Notice of Termination; Agent's Authority.

(1)   Upon refusal, suspension or revocation of a certificate of
authority the Commissioner shall forthwith give notice thereof to
the insurer and to its agents in this state of record in the Commis-
sioner's office.

(2)   Such refusal, suspension or revocation shall likewise auto-
matically suspend or revoke, as the case may be, the authority of all
such agents to act as agents of the insurer in this State, and the Com-
missioner shall so state in the notice to agents provided for in sub-
section (1).

(3)   In his discretion the Commissioner may also publish notice of
such revocation in one or more newspapers of general circulation
published in this State.

57.    Commissioner Attorney for Service of Process.

Each insurer applying for authority to engage in the insur-
ance business in this State shall appoint the Commissioner, and his
successors in office, as its attorney to receive service of legal process
issued against it in Maryland. The appointment shall be made on a
form as designated and furnished by the Commissioner. The appoint-
ment shall be irrevocable, shall bind the insurer and any successor
in interest or to the assets or liabilities of the insurer, and shall re-
main in effect as long as there is in force in Maryland any contract
made by the insurer or obligations arising therefrom.

58.    Annual Statement by Insurer.

Each authorized insurer shall annually on or before March first
unless the time is extended by the Commissioner for good cause
shown, file with the Commissioner a true statement of its financial
condition, transactions, and affairs as of the December thirty-first
preceding; said statement to be in such form and content as is ap-
proved or adopted for current use by the National Association of In-
surance Commissioners or its successor organization, for use as to
the type of insurer and kinds of insurance to be reported upon, and as
supplemented for additional information required by the Commis-
sioner. The statement of an alien insurer shall relate only to its trans-
actions and affairs in the United States unless the Commissioner re-
quires otherwise.


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Session Laws, 1963
Volume 671, Page 1001   View pdf image (33K)
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