1216                            LAWS OF MARYLAND                      [CH. 553

college's or university's fiscal year. Such annual reports shall be
treated as confidential by the Commissioner and shall not be available
for public inspection. In determining the reserves of any such college
or university on outstanding annuity agreements a deduction shall
be made for all or any portion of an annuity risk which is reinsured
by a life insurance company authorized to do business in this State.

(c)   Permit required; revocation or suspension of permit. No such
college or university shall make or issue in this State any annuity
agreement unless or until it has obtained from the Commissioner a
permit issued in accordance with the provisions of this section. If
the Commissioner finds, after notice and hearing, that any such
college or university, having such a special permit, has failed to
comply with the requirements of this section, he may revoke or
suspend such permit or he may order such college or university to
cease making any new annuity contracts until such requirements
have been satisfied. In case of such revocation or suspension, out-
standing annuity contracts shall remain in full force and effect. The
action of the Commissioner in revoking or suspending any such
permit or in making any such order shall be subject to judicial
review as provided in this article.

(d)   Exemption of colleges and universities from other provisions
of article. Every such college or university issuing annuities under
special permit from the Commissioner shall be exempt, otherwise
than as provided in this section, from the provisions of this article
with respect to such activity, and no law enacted hereafter shall
apply to them unless they be expressly designated therein.

(e)   Acceptance by college or university of conditional donations
other than by annuity contracts. Every college or university may,
however, other than by an annuity contract, agree to accept con-
ditional donations and to pay to the donor or his nominee a specified
return established with reference to the actual net earnings of the
particular donation or with reference to the actual or estimated
earnings of a specified fund of the donee college or university, and in
so doing, every such college or university shall be exempt from this
section and from all other provisions of this article with respect to
such agreements, and no law enacted hereafter shall apply to them
unless they be expressly designated therein.

(f)   Colleges and universities specifically empowered to make
agreements. Notwithstanding the absence of express power in the
charters of any such college or university, such organizations are
specifically empowered to make the annuity agreements and such
other agreements with respect to conditional donations as are in this
section expressly permitted.

488. Burial Insurance.

Burial insurance as used in this article includes any kind of agree-
ment, certificate, policy, contract, bond, assurance guarantee or other
arrangement, by bylaw, regulation or otherwise, in or by which the
party issuing such certificate, policy, contract, bond, assurance
guarantee or other arrangement agrees to provide for the burial of a
named or designated person, or to save harmless anyone for the whole
or any part of the costs of the burial of the body of a named or desig-
nated person, or to pay any part or all of the incidents of the burial
of the body of a named or designated person. Any person engaging