984                             LAWS OF MARYLAND                      [CH. 553

the Article 48A repealed, and to be entitled "Insurance Code", to
provide generally for the revision and recodification of the laws
relating to insurance and to the regulation of the insurance busi-
ness and every person engaged therein in the State of Maryland;
to provide for the rights, powers and immunities of and to pre-
scribe the conditions under which persons, firms, corporations
and associations engaged in an insurance or surety business may
exercise their powers; to provide for certain powers, rights, obli-
gations, and consequences as to insurers and others relative to
insurance, surety and annuity contracts and matters arising from
such contracts; to provide for the imposition of licenses, fees
and certain taxes; to provide for supervision and regulation of
the insurance business within or relative to this State by the State
Insurance Department; to provide criminal penalties for viola-
tions; and relating generally to insurance in this State.

Section 1. Be it enacted by the General Assembly of Maryland,
That Article 48A of the Annotated Code of Maryland (1957 Edition
and 1962 Supplement), title "Insurance", be and it is hereby re-
pealed, and new Article 48A be and it is hereby enacted in lieu
thereof to stand in the place of the Article 48A repealed, and to be
entitled "Insurance Code", and to read as follows:

Article 48A
Insurance Code

1. SCOPE OF ARTICLE

1.    Compliance Required.

No person shall engage in or transact an insurance business in
Maryland, or act relative to a subject of insurance resident, located or
to be performed in Maryland, without complying with the applicable
provisions of this article.

2.    "Insurance" Defined.

"Insurance" is a contract whereby one undertakes to indemnify
another or pay or provide a specified or determinable amount or
benefit upon determinable contingencies.

3.    "Insurer" Defined.

"Insurer" includes every person engaged as indemnitor, surety, or
contractor in the business of entering into contracts of insurance.

4.    "Person" Defined.

"Person" includes an individual, insurer, company, association,
organization, Lloyds, society, reciprocal or inter-insurance exchange,
partnership, syndicate, business trust, corporation, and any other
legal entity.

5.    "Commissioner", "Department" Defined.

Unless context requires otherwise:

(1) "Commissioner" means the State Insurance Commissioner of
Maryland.