The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1880-04-30
[CHAPTER 3S7.l
INSURANCE COMPANIES.
AN ACT

AN ALL
To add fifth subsection to section thirty of
article ifty-six of the Code Of Public Gen
eral Laws of this State title Licenses" sub
title "Foreign Corporations and Companies"
as amended at the January session, eighteen
hundred and seventy eight chapter one hun
bred and six, and to amend and re-enact
sections thirty-one and thirty-two of sale
article as 10 amended, and to amend ard
re-enact section one hundred and five OF
article twenty-six of the Code of Public
General Laws, title Corporations" sub title
"Insurance Companies" as also amended by
said chapter one hundred and six of the acts
of eighteen hundred and seventy eight.
Section l. Be it enacted by the General AS
sembly OF Maryland, That fifth subsection
be added to section thirty of article tifty-six Of
the Code of Public General Laws Of this State
title Licenses" subtitle "Foreign Corpora.
tions and Companies" and that sections thirty
one and thirty-two of said article tifty-six, and
section one hundred and five of article twenty
six of said Code of Public General Laws, title
Corporations" subtitle "Insurance Compa-
-nies as amended by chapter one hundred and
six of the acts of the General Assembly passed
at the January session, eighteen hundred and
seventy weight, be, and the same are hereby,
added, amended and re-enacted 30 as to read
as follows:
80 (tfth). Every life insurance company, in
addition TO the above, shall file and annually
renew certificate from the Insurance Com
missioner or chief financial officer of the
State in which such company is organized, or
of some one of the United States, setting forth
that such company has deposited with him the
sum of one hundred thousand dollars of its
capital or assets in gold coin of the United
States or invested in notes or bonds of the
United States or in bonds of the State of Mary.
land or of the State in which said company is
organized or in bonds secured by mortgage or
deeds of trust on unincumbered real estate
worth at least double the amount loaned
thereon, and that he holds the same in trust
and on deposit, under and by the laws of the
State in which he resides for the benefit of all
the policy holders of such company in the
United States, and that he is satisfied that the
securities SO deposited by such company and
held by him are worth at least one hundred
thousand dollars; provided, that every such
company not having such deposit made in the
State in which it is organized or in some one
of the United States, may make such deposit
with the Treasurer of Maryland in the manner
provided by law for companies organized un-
der the laws of this State.
81 No person shall act as agent or solicitor
in this State for any insurance company, in
GLIDING individuals, whether resident or nom
resident, partnerships or joint stock associa-
tions, except for such companies as may be
chartered under the laws of this State, in any
manner whatever relating to insurance risks,
| until all the provisions OF this act have been
complied with, and there has been granted, by
the Insurance Commissioner, a certificate of
authority or license, for which said company,
individual, resident, nonresident or association,
| their agent, shall pay into the State Treasury,
the sum of two hundred dollars, and shall also
| pay into said treasury tax of one and one-half
per centum on the amount Of premiums &C.
taually collected, received or secured in this
State, or from residents thereof, during the
last license year. by or for said company, in
dividual, resident or nonresident, partnership
| or association, deducting only from the
amount of such premiums, the amount of
losses actually paid in this State during the
same period, for or by said company, ndi-
vdual, resident, or nonresident, partnership
or association under policies of insurance
granted therein; but without any deduction
| for expenses for endorsements which may have
been paid, or for any other cause whatever; a
| report Of the premiums so collected, and the
losses paid by or for any such company, as
above, must be made to the Insurance Com
missioner, under oath of the chief accounting
officer of such company, or of it's general
| agent for this State, at the time of obtaining
the license herein above provided for, any
company applying for admission into this
State shall pay for license in like proportion
for a fractional part of a year, 10 that all
licenses issued shall expire on the thirty-frst