WILLIAM DONALD SCHAEFER, Governor                     Ch. 22

CHAPTER 22

(Senate Bill 125)

AN ACT concerning

Insurers - Audited Financial Reports

FOR the purpose of providing that certain insurers shall submit
certain audited reports annually to the State Insurance
Commissioner; providing a penalty for failure to comply;
granting the Insurance Commissioner certain powers; and
generally relating to annual audited financial reports by
insurers.

BY repealing and reenacting, with amendments,

Article 48A - Insurance Code
Section 58

Annotated Code of Maryland
(1986 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 48A - Insurance Code

58.

(1)  Each authorized insurer shall annually on or before
March first 1, unless the time is extended by the Commissioner
for good cause shown, file with the Commissioner a true statement
of its financial condition, transactions, and affairs as of the
December thirty-first 31 preceding; said statement to be in such
form and content as is approved or adopted for current use by the
National Association of Insurance Commissioners or its successor
organization, for use as to the type of insurer and kinds of
insurance to be reported upon, and as supplemented for additional
information required by the Commissioner. The statement of an
alien insurer shall relate only to its transactions and affairs
in the United States unless the Commissioner requires otherwise.
Any authorized insurer failing to file such statement by March 10
without having obtained an extension shall forfeit one hundred
dollars ($100.) $100 for each day up to and including March 10.
Thereafter, failure to file such statement shall result in an
additional forfeiture of fifty dollars ($50.) $50 per day until
such time as the statement is received by the Insurance
Commissioner.

(2)  The Commissioner may require interim statements of any
company doing business within this State, on such points as he

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