HARRY HUGHES, Governor

867

(A)   Every insurance company subject to taxation under
this subtitle shall, on or before March 15th in each year,
file with the Insurance Commissioner a report of the new and
renewal gross direct premiums less return premiums written
by it during the preceding calendar year, and, in the case
of a company issuing perpetual policies of fire insurance, a
report of the average amount of deposits held by it during
the preceding calendar year in connection with perpetual
policies of fire insurance issued on property situated in
this State and in force during such calendar year or any
part thereof. Such reports shall be verified in such
manner, and contain such information as may be prescribed by
regulation of the Insurance Commissioner.

(B)   ANY REPORT OR DECLARATION POSTMARKED MAILED AND
POSTMARKED BY THE U.S. POSTAL SERVICE ON OR BEFORE THE
FILING DATE SHALL BE DEEMED TO BE IN COMPLIANCE WITH THE
FILING REQUIREMENT.

140.

The total amount of the taxes imposed by this subtitle,
as the same shall appear from the face of the report herein
required to be filed, shall be paid to the Insurance
Commissioner at the time fixed for filing the report, after
crediting the amount paid with the declaration filed under §
138A. All taxes not paid when the report or declaration is
[filed] DUE TO BE FILED shall be subject to a penalty of
five percent and interest at the rate of one percent per
month from the date the report was due. If additional
amounts are found to be due after the report or declaration
has been filed, such amounts shall be subject to interest at
six percent per annum from the time the report or
declaration was due until payment is actually made to the
Insurance Commissioner.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 14, 1979.

CHAPTER 244

(Senate Bill 268)

AN ACT concerning

Savings and Loan Association - Conversion

FOR the purpose of providing federal savings and loan
associations with the authority to convert into
State-chartered savings and loan associations subject
to certain conditions and limitations; establishing