Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1876-05-12
Lars General.

pealed, amended and re-enacted 80 as to read
as follows
81 No person shall act as agent or solicitor
in this Stale for any Insurance Company, in
GLIDING individuals whether residents or nom
residents, partnerships or Joint stock associa-
| lions eXcept such companies as may be charter
ed under the laws Of this State, in any manner
whatever relating to insurance risks, until all
the provisions of this article have been com
piled with, and there has been granted by the
Insurance Comm ssioner certificate OF author
ity or license for which said company, indi
vldual, resident or non-residence or association
or their agent shall pay into the Treasury one
hundred dollars, and ifa tax of one and one
half per cent. on the gross premiums, less the
losses paid during the last license year collected
for said company, individual, resident or non
resident or association, during the said license
year. which report of the premiums and losses,
The agent or company is required TO make to
the Insurance Commissioner under oath shall
exceed the price OF said license there shall be
paid into the Treasury, before license shall
be renewed for the ensuing year, the whole ex-
cess of the one and one half per cent. over and
above the cost of the license; provided, that all
| premiums loaned in this State for not less than
two years, shall be exempt from the payment
of said per centage, and provided that all
licenses shall expire on the first day of Janu-
ary provided, however that the licenses now
issued shall run until the first of May next and
the licenses hereafter shall be issued TO expire
January first next thereafter, for which the
proper proportion of the year from the time
issued to January next succeeding shall be
| charged in each year aud any company apply
ing for admission into the State, shall pay for
license in like proportion for the fractional
| part of a year. in addition 10 the above license
and tax, there shall be paid by each company,
| individual, resident CT nonresident or assOcia-
lion doing business in this State, the following
| fee: to defray the expenses of executing the
| provisions of this article upon filing the dec.
claralion or certificate copy of charter, twenty
five dollars upon filing The annual statement
certificate in lieu thereof twenty live dollars;
for each certificate of authority which each
agent or solicitor is hereby required TO obtain
| Two dollars for every copy of any paper filed
in the department the sum of twenty cents per
felio, and for aflxing the official seal to such
| copy and certifying the same, one dollar; for
valuing policies of life insurance companies
thirty dollars per million Of insurance, any
fraction thereof; for official examination of
companies under this act the actual expenses
incurred provided. that the filing of the papers
with the Insurance Commissioner as provided
by this act shall be in lieu Of all papers now
required Ivy law to be flied with the Comptrol-
Ter and clerks of the Superior Court for Bdlti-
more city, and provided in case the necessary
the amount OF fees collected under this act the
excess OF such expenses shall be annually as
sessed by the Insurance Commission in equal
shares upon all Insurance. companies doing
business in this State, and the Commissioner
has power TO collect such assessment 10 defray
the expenses of the insurance department, ii
being the purpose of this act, that the expenses
of the insurance department shall not he paid
from the State Treasury.
81. Before any insurance company shall
commence business in this State, the following
conditions in addition to those imposed by
the preceding sections ofthis act, must he com.
piled with it must be fully organized, if it be
not a company of this State, a copy of its
charter, duly accepted or its declaration Of
organization or deed OF settlement, duly APP
proved and certified by the Insurance Commits.
sioner or other proper officer of its own State
or nation, with his certificate that the company
j. entitled to assume risks and issue policies
therein, mus; be filed with the Insurance Com
missioner Of this State. The capital stock OF
every Insurance Company, mutual insur-
ance companies excepted, incorporated By this
State or incorporated by the laws of another
State or country, and doing business in this
| State, whether fire, life accident, marine or in
| land insurance, shall not be less than one hun
| bred thousand dollars; an amount equal to the
reinsurance reserve Of all insurance companies
| shall be invested in the bonds of treasury notes
of the United states or bonds or stocks of this
or any Other State of the United States
or OF any incorporated city or corporation OF
this or any other State having legal authority
| to issue the same, bearing interest, or it may
| be invested in real estate for their Office or
| business purposes only, or III ground rents or
| loaned on mortgages Of unincumbered real es-
| tate in this or any other State OF the United
| States worth at least double the amount, loan.
ed thereon, exclusive of buildings except where
| such buildings are insured and The policies
duly assigned as additional security, or loaned
! on pledges of any security named in this sec
ton or on the policies Of the company in force,
| each loan being less than the net value Of the
| policy on which the loan is made provided,
| always, that the current market value of such
pledged securities, other than the bonds and
stocks Of this State or Of the United States
shall be at all times, during the continuance of
such loans at least ten per cent. more than the
sum loaned on them and all such loans are
subject to the power of the company 10 termi
maze the same in case of depreciation OF the
securities below that limit, and provided in all
Investments made upon mortgaged securities
the evidence Of the debt shall accompany the
mortgage or deed OF trust.
3G Any person or persons or any company
or association violating any Of the provisions
of this act shall be subject to fine OF not less
dollars which fines shall be sued for in the
name Of the---State Of Maryland, and col
lected as all other fines imposed by the laws OF
this State are now collectable, and any Act or
part of an Act, Inconsistent with the provisions
of this act be and the same are hereby repealed,
provided that no right Of action accrued, or
penalty incurred, under any---exisLing law
repealed by this Act, shall be thereby waived
or annulled in any way, but the same may be
enforced, under said Acts in the same way as II
the repeating clause had not been passed and
! provided further that where by the laws OF any
other State taxes, fines or penalties or deposits
| Of money or securities are imposed upon ~.
rurance companies incorporated or organizer
nnder the laws Of this state ana transacllng
| business in such other State or upon the agent
| Of such insurance companies not imposed by
the laws Of this State, 80 long as such laws
continue in force, the same taxes, lines and
penalties and deposits shall be imposed upon
all agents or insnran ce companies OF saId State
doing business in this STATE. The deposits OF
money or securities required by this section
shall be made with The insurance commits
sianer Of this State, who shall keep the same
in the vaults or safe Of the safe deposits cOm-
pany Of Baltimore and no transfer by the in
snrance commissioner of such securities in any
way Md by him in his official capacity shall
be valid unless courtersgned by the Comptrol-