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Session Laws, 1963
Volume 671, Page 1160   View pdf image (33K)
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1162                           LAWS OF MARYLAND                      [CH. 553

invest its funds only in securities permitted by the laws of this State
for the investment of the assets of life insurers.

360.    Revocation of License.

Whenever the Commissioner shall have reason to believe that any
corporation subject to the provisions of this subtitle is being oper-
ated for profit or fraudulently conducted, or is not complying with
the provisions of this subtitle, he shall be authorized to revoke the
certificate of authority theretofore granted, and may at any time
thereafter institute, or cause to be instituted, the necessary proceed-
ings under the provisions of subtitle 10 to rehabilitate or liquidate
a corporation subject to the provisions of this subtitle.

361.    Penalties.

Any person who engages in the business of operating health
service plans without first having procured a license from the Com-
missioner, as required by this subtitle, or any person violating any
provision of this subtitle, shall be deemed guilty of a misdemeanor
and shall be subject to a fine of not less than one hundred dollars
($100) nor more than one thousand dollars ($1,000) for each and
every such offense. Any person making any wilfully false statement
in any written document required by any section of this subtitle to
be filed with the Commissioner, or while under oath administered
by the Commissioner or any examiner at any investigation or hear-
ing conducted by said Commissioner or examiner, shall be deemed
to be guilty of perjury and shall be proceeded against and punished
as provided by the statutes of this State in relation to the crime of


362.     (Reserved).


363.    Scope of Subtitle.

This subtitle shall not apply as to reinsurance and wet marine
and transportation insurances.

364.    "Policy" Defined.

"Policy" means the written instrument in which the contract of
insurance is set forth, and includes all clauses, riders, endorsements
and papers attached thereto or made a part thereof.

365.    "Premium" Defined.

"Premium" is the consideration for insurance, by whatever name
called. Any "assessment", or any "membership", "policy", "survey",
"inspection", "service" or similar fee or charge in consideration for
an insurance contract is deemed part of the premium.

366.    Insurable Interest, Personal Insurance.

(a) Any individual of competent legal capacity may procure or
effect an insurance contract upon his own life or body for the benefit


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Session Laws, 1963
Volume 671, Page 1160   View pdf image (33K)
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