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Session Laws, 1963
Volume 671, Page 999   View pdf image (33K)
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J. MILLARD TAWES, Governor                     1001

lie depositories, or in trust institutions within the United States ap-
proved by the Commissioner, assets available for discharge of its
United States insurance obligations in an amount not less than the
outstanding liabilities of the insurer arising out of its insurance busi-
ness in the United States, together with an amount equal to the de-
posit required under this section for other insurers requesting author-
ity to engage in like kinds of insurance business.

51.    Management and Affiliations.

The Commissioner shall not grant or continue authority to engage
in the insurance business in this State of any insurer WHEN CON-
agement personnel of which is found by him to be untrustworthy
or not of good character, or so lacking in insurance company mana-
gerial experience as to make the proposed operation hazardous to the
insurance-buying public or to its stockholders; or which he has good
reason to believe is affiliated directly or indirectly through owner-
ship, control, management, reinsurance transactions or other insur-
ance or business relations, with any person or persons whose business
operations, to the detriment of insurers, stockholders, or creditors,
are or have been marked by manipulation of assets, accounts, or
reinsurance, or by bad faith.

52.    Application for Certificate of Authority.

Every insurer applying for an initial certificate of authority shall
file the following documents with the Commissioner:

(1)   a certified copy of its articles of incorporation with all amend-
ments ;

(2)   a certified copy of its bylaws with all amendments;

(3)   a copy of its annual statement as of December thirty-first last

(4)   a copy of report of last examination, if any, made of the in-
surer, certified by the insurance supervisory official of the state of
domicile of a foreign insurer or the state of entry into the United
States of an alien insurer;

(5)   if a foreign or alien insurer, a certificate of the public official
having supervision of insurance in the state or country of domicile,
or state of entry into the United States, of such insurer, showing that
it is authorized to transact the kinds of insurance proposed to be
transacted in Maryland;

(6)   if an alien insurer, a copy of the appointment and authority
of its United States manager;

(7)   a certificate of deposit pursuant to section 50;

(8)   such other information and documents as the Commissioner
deems necessary for the protection of policyholders or to assure com-
pliance with this article.

53.    Issuance or Refusal of Authority.

(1) Upon the filing and completion of an application for an origi-
nal certificate of authority, the Commissioner shall have sixty (60)


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Session Laws, 1963
Volume 671, Page 999   View pdf image (33K)
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