The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1876-05-13

resident or association or their agent shall
pay into the Treasury one hundred dollars,
and If tax of one and one half per cent. on
the gross premiums, less the losses paid dur
ing the last license year collected for said
company, individual, resident or nonresident
or association, during the said license year,
which report Of the premiums and losses, the
agent or company is required to make 70 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
excess 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 provid-
ed that all licenses shall expire on the first
day of January 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 succeed
ing shall be charged in each year and any
company applying for admission into the
State, shall pay for license in like proportion
for the fractional part ofa year, in additionto
the above license and tax, there shall be paid
by each company, individual, resident or
nonresident or association doing business in
this State, the following fee: 10 defray the
expenses Of executing the provisions OF this
article upon fling the declaration or eertif.
cate copy Of charter, twenty FIVE dollars
upon filing the annual statement or certificate
in lieu thereof twenty-five 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
folio, and for affixing 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, or
any fraction thereof; for official examination
Of companies under this act the actual expen-
ses 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 by law TO be filed with
the Comptroller and clerks Of the Superior
Court for Baltimore city, and provided in
case the necessary expenses Of said insur-
ance department exceed the amount Of fees
collected under this act the excess Of such
expenses shall be annually assessed by the
insurance Commissioner in equal shares upon
all insurance companies doing business in
this State, and the Commissioner has power
to collect such assessment to defray the ex-
penses of the insurance department, it being
the purpose of this act, that the expenses of
the insurance department shall not be paid
from the State Treasury.
"a. Before any insurance company shall
commence business in this State, the follow
ing conditions, in addition to those imposed
by the preceding sections Of this act, must be
complied with; it must be fully organized, if
II be not a company Of this State, copy of
its charter, duly accepted, or its declaration
of organization or deed of settlement, duly
approved and certified by the Insurance Com
missioner or other proper officer Of its own
State or nation, with his certificate that the
company is entitled to assume risks and issue
policies therein, must be filed with the Insur-
anee Commissioner Of this State. The capi.
tai stock Of every Insurance Company, mutual
insurance 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, ma
rine or inland insurance, shall not be less
than one hundred thousand dollars; an amount
equal 10 the reinsurance reserve Of all insur-
ance companies shall be invested in the bonds
or 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 in.
terest, or ii may be invested in real estate
W.
in ground rents or loaned on mortgages of
unincumbered real estate in this or any other
State Of the United States, worth at least
double the amount, loaned 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 section 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 to terminate the
same in case of depreciation Of the securities
below that limit, and provided in all invest
ments made upon mortgaged securities the
evidence Of the debt shall accompany the
mortgage or deed of trust
36. 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
| than one hundred nor more than one thousand
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 pro.
visions Of this act be and the same are hereby
repealed, provided that no right Of action ac-
crued, or penalty incurred, under any
existing 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 if the repeating clause
had mot 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 insurance
companies Incorporated or organized under
the laws of this State and transacting business
in such other State or upon the agent of such
insurance companies not imposed by the laws
Of this State, so long as such laws continue in
force, the same taxes, fines and penalties and
deposits shall be imposed upon all agents or
insurance companies Of said State doing bu-
siness in this State. The deposits Of money
or securities required by this section shall be
made with the insurance commissioner of
this State, who shall keep the same in the
vaults or safe Of the safe deposits company Of
Baltimore and no transfer by the insurance
commissioner of such securities in any way
held by him in his official capacity shall be
valiei unless countersigned by the Comptrol-
Ter of the State. II shall be the duty Of the
Comptroller of the State 10 countersign any
such transfer presented TO him by the com.
missioner upon the joint application Of the
commissioner and the company 10 which said
securities belong, to keep record of all such
transfers, stating the name Of the company
from whose account the transfer Is made, the |
name Of the transferee unless transferred in
blank, and q description Of the security. In |
bis annual report to the Legislature TO state |
the amount oftransfers conntersigned By him, |
for which service the Comptroller is author
lied to charge and collect from the company
at the time Of countersigning the transfer, the |
sum Of FIVE dollars.
Sec. 2. And be it enacted, That this Act |
shall take effect from the date of its passage. |
We hereby certify, that the aforegoing is a |
true and perfect copy Of an act passed the |
General Assembly Of Maryland, at the
January session, 1876.
AUGUSTUS GASSAwAY,
Secretary Of the Senate.
MILTON Y. KIDD,
Chief Clerk House Of Delegates.
Approved April Q, 1876.
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