clear space clear space clear space white space
 r c h i v e s   o f   M a r y l a n d   O n l i n e
  Maryland State Archives | Index | Help | Search search for:
clear space
white space
Session Laws, 1963
Volume 671, Page 1131   View pdf image (33K)
 Jump to  
clear space clear space clear space white space

J. MILLARD TAWES, Governor                     1133

(b)   The surplus deposits of subscribers shall be allowed as assets,
except that any premium deposits delinquent for ninety (90) days
shall first be charged against such surplus deposit.

(c)   The surplus deposits of subscribers shall not be charged as a

(d)   All premium deposits delinquent less than ninety (90) days
shall be allowed as assets.

(e)   An assessment levied upon subscribers, and not collected, shall
not be allowed as an asset.

(f)   The contingent liability of subscribers shall not be allowed as
an asset.

(g)   The computation of reserves shall be based upon premium
deposits other than membership fees. and without any deduction for
expenses and the compensation of the attorney.

(h) The Commissioner at any time may require an affidavit of
the attorney showing the amount of annual savings, not already
credited to subscribers, which are due but not paid.

292.    Who May Be Subscribers.

Individuals, partnerships, and corporations of this State may make
application, enter into agreement for and hold policies or contracts
in or with and be a subscriber of any domestic, foreign, or alien
reciprocal insurer. Any corporation now or hereafter organized
under the laws of this State shall, in addition to the rights, powers,
and franchises specified in its articles of incorporation, have full
power and authority as a subscriber to exchange insurance contracts
through such reciprocal insurer. The right to exchange such con-
tracts is hereby declared to be incidental to the purposes for which
such corporations are organized and to be as fully granted as the
rights and powers expressly conferred upon such corporations. Gov-
ernment or governmental agencies, state or political subdivisions
thereof, boards, associations, estates, trustees or fiduciaries are
authorized to exchange reciprocal interinsurance contracts with each
other and with individuals, partnerships and corporations to the same
extent that individuals, partnerships and corporations are herein
authorized to exchange reciprocal interinsurance contracts. Any
officer, representative, trustee, receiver, or legal representative of
any such subscriber shall be recognized as acting for or on its behalf
for the purpose of such contract but shall not be personally liable upon
such contract by reason of acting in such representative capacity.

293.    Subscribers' Advisory Committee.

(a)   The advisory committee of a domestic reciprocal insurer
exercising the subscribers' rights shall be selected under such rules
as the subscribers adopt.

(b)   Not less than two-thirds of such committee shall be sub-
scribers other than the attorney, or any person employed by, repre-
senting, or having a financial interest in the attorney.

(c)   The committee shall:

(1)   Supervise the finances of the insurer;

(2)   Supervise the insurer's operations to such extent as to assure
conformity with the subscribers' agreement and power of attorney;


clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
Session Laws, 1963
Volume 671, Page 1131   View pdf image (33K)
 Jump to  

This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.

Tell Us What You Think About the Maryland State Archives Website!

An Archives of Maryland electronic publication.
For information contact

©Copyright  October 11, 2023
Maryland State Archives