The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1872-05-11
Law GENERAL
PASSED By
The General Assembly Of Maryland,
Az he JaaaaEy Session, 1872.
PUBLssHsD NJ AUTHORITY.
cnArrra sss.
Am ACr

~ tePeat s~SttVus tHeutJ seven, twenty.
eight, twenty-nine, thirty, thirty one
thirty-two, thirty-three, thirty-fou
thirty FIVE aud thirty sir, Of Article
hity.six, of the Code Of Public Gen.
eral Laws, entitled Licenses, sub title
Foreign Corporations aud Companies,
and to re,euact the same with amend.
ments.
See, l. Be il enacted by the General
Assembly Of Maryland, That sections
twenty seven, twenty eight, tweuty-niue,
thirty, thirty one, thirth-two, thirty.
three, thirty four, thirty-ive aud thirty
six, Of Article fifty six, OF the Code Of
Public General Laws, entitled Licenses
subtitle Foreign Corporations aud Com
pauies, be and the same are hereby
repealed, aud the following sections en-.
acted 10 lieu thereof
~. There is hereby established a
distinct bureau ia the Office Of the Comp
troller Of the Treasury to be known as
the Insurance Department, which shall
be charged with the execution Of the
laws Of this State ia relation to
Insurance, and the Comptroller of the
Treasury is hereby authorized and
directed 10 assign clerk 10 charge Of
said department who shall be known as
the Insurance Commissioner for the
State Of Maryland, and who shall receive
an annual salary Of twenty five hundred
dollars, payable out of the fees of his
office, and shall hold his Office during
the term OF the Comptroller making the
appointment, or unlil his successor is
appointed and qualified, unless sooner
remoyedby the Comptroller, and the said
insurance Commissioner shall give bond
to the State of Maryland, in the sum Of
twenty five thousand dollars for the
faithful discharge of his duties, aud no
person who is a director, officer or agent
Of, or directly or indirectly interested
IN, any Insurance Company, except as
insured, shall be appointed as such
Commissioner by the Comptroller, and
the rulings and decisions made BY said
Commissioners, shall always be subject
to revision by the Comptroller.
rs. II shall be the duty of the Tn.
surance Commissioner.
First. To see that all laws of this
Staterespecting insurance companies are
faithfully executed, to file 10 his Office
every charter or declaration Of or organ.
ization Of u company, with certificate Of
the Attorney General, aud on applica.
ton of the corporation to furnish 10
them certified copies thereof.
Second. He shall, as soon as practi,
cable, in each year, calculate or cause
TO be calculated, the net value, on the
thirty first day Of December of the
previous year, Of all the policies 10 force
on that day, 10 each life insurance
company doicg business in this State
organized by authority of this State
aud Of every other life insurance com.
pany doing business 10 this State. that
shall fail to furnish to him as hereinafter
provided certificate Of the Insurance
Commissioner of the State, by whose
authority the company was organized
or by the State in which il NAV elect
to have its policies valued aud its deposit
made ia case the company is charter.
cd by the Government Of the United
States, or by any State not having an
insurance department, giving the net
value Of all policies ia force 10 the com.
pany on the thirty-frst day of Decem-
Der OF the preceding year, which CAL
culation Of the net value Of each policy
shall be based uopn the american
Experience Table of Mortality and
four and oue-half per cent, interest per
annum, and the net value Of a policy at
any time shall be taken to be the single
net premium which win at that time
elect the insurance less the value M
that time Of the future net premiums
called for by the table Of mortality and
rate Of interest designated above.
Third. In case il is found that any
i'ic insurance company doing business
IN thus State has not on hand the net
value OF all its policies 10 force, after
all other debts of the company and
claims against it, exclusive OF capitaI
stock, have been provided for, it Shall
be the duty Of the Insurance Commits.
sioner to publish the fact that the then
existing condition of the affairs Of the
company is below the standard Of LEGAL
safety established by this State, aud he
shall require the company at once 10
cease doing new business; and he shall
immediately institute proceedings 70
determine what further shall be done in
the case, and il is hereby made the duty
OF the insurance Commissioner. after
having determined, as above, the amount
Of the nett value Of all the policies ia
force, to soc that the company has thar
amount IN safe legal securities, Of the
description and character hereafter proy;.
ded for 10 this Act, after all its other
debts and claims against it. exclusive
OF capital stock, have been provided for
Fourth. He shall accept the yaIua.
ton made BY the Insurance Commits.
sionerof the State, under whose authority
life insurance company was Organized
or that Of the State ia which Il NAV
elect TO have its policies valued; when
such valuations have been properly made
on sound and recognized principles. aud
legal basis, not less than the above;
provided, the company shall furnish to
the Insurance Commissioner Of this
State, certificate from the Insurance.
Commissioner Of such State. setting
forth the value, calculated on the data
designated above, Of all the policies 10
force 10 the company on the previous
thirty hrst day Of December, and stating
that after all the other debts Of the
company, and claims against il at that
time, were provided for, the company
had In safe ennnrs1s.. - -