Ch. 36                                     1995 LAWS OF MARYLAND

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 337.

As to the investments of life insurers, see Title 5, Subtitle 5 of this article.

Defined terms: "Life insurer" § 1-101
"Society" § 8-401

8-444. ANNUAL STATEMENT.

(A)     FILING OF STATEMENT AND PREPARATION OF SYNOPSIS.

EACH SOCIETY TRANSACTING INSURANCE BUSINESS IN THE STATE SHALL:

(1)      FILE WITH THE COMMISSIONER AN ANNUAL STATEMENT AS
PROVIDED IN § 4-116 OF THIS ARTICLE;

(2)     PAY TO THE COMMISSIONER A FEE OF $25 FOR FILING THE ANNUAL
STATEMENT; AND

(3)      PREPARE A SYNOPSIS OF THE ANNUAL STATEMENT THAT EXPLAINS
THE CONDITION OF THE SOCIETY AS DISCLOSED BY THE ANNUAL STATEMENT.

(B)     DISTRIBUTION OR PUBLICATION OF SYNOPSIS.

ON OR BEFORE JUNE 1 OF EACH YEAR THE SYNOPSIS REQUIRED BY
SUBSECTION (A)(3) OF THIS SECTION SHALL BE:

(1)     PRINTED AND MAILED TO EACH BENEFIT MEMBER OF THE SOCIETY;
OR

(2)     PUBLISHED IN THE SOCIETY'S OFFICIAL PUBLICATION.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 338.

In subsection (a)(1) of this section, the reference to filing an annual statement
"with the Commissioner" is added for clarity and to conform to § 4-117 of this
article. Similarly, in subsection (a)(2) of this section, the reference to paying a
fee "to the Commissioner" is added for clarity.

In subsection (a)(3) of this section, the reference to "prepar[ing]" a synopsis is
added to state explicitly that which formerly only was implied by the phrase
"[a] synopsis ... shall be printed ...".

In subsection (b) of this section, the reference to "on or before June 1 of each
year" is restated as introductory language to state explicitly that which only
was implied in the former law, i.e., that the time requirement applies to the
publication of the synopsis as well as the printing and mailing of the synopsis.

Defined terms: "Commissioner" § 1-101
"Society" § 8-401

- 1160 -