The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1880-05-01
[CHAPTER SS7.l
INSURANCE COMPANIES.
AN ACT

AN ACT
To add fifth subsection TO section thirty Of
article ffy,six Of the Code Of Public Gen
eral Laws Of this State title Licenses" SUBJ
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-enacl
sections thiriy-one and thivty-iwo of said
article as 30 amended, and to amend ard
re-enact section one hundred and Eve 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 weight.
Section l. Be ii enacted by the General As
sembly OF Maryland, That fifth subsection
be added TO section thirty Of article ffy-six OF
the Code Of Public General Laws Of this State
title Licenses" subtitle "Foreigu Corpora
lions and Companies" and that sections thirty.
one and thiriy-two OF said article ihy-six, and
section one hundred and five Of article twenty.
six of said Code Of Public General Laws, title
Corporations" subtitle "lnsurance Compa-
mics, as amended by chapter one hundred and
six of the acts Of the General Assembly passed
at the January session, eighteen hundred and
seventy-eight, be, and the same are hereby,
added, amended and re-enacied so as to read
as follows:
80 lfhb). Every life insurance company, in
addition 10 the above. shall file aud annually
renew a certificate from the Insurance Com
missioner or chief financial officer OF the
Stale in which such company ia 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 10 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, thst every such
company not having such deposit made in the
State IN which 1t is organized or in some one
OF the United States, rpay make such deposit
with the Treasurer Of Maryland 10 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 thls State Tor any insurance company, in
eludiug individuals, whether resident or non.
resident, partnerships or joint stock assoca-
| lions, 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, certificate OF
authority or license, for which said company.
individual, resident mon resident or association
their agent shall pay into the State Treasury,
the sum of two hundred dollars, and shall also
pay into said treasury tax ofone and one-half
per centnm, on the amount Of premiums ac-
lauaiiy collected, received or Secnred in this
state, or iron residents thereof, during the
last license year. by or for said company, in
uiVlduaI, 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, indi-
vidnal, resident, or nonresident, partnership
or association under policies of insurance
granted thereini but without any deduction
| lor enpenses for endorsements which NAV have
been p7id, or for any other cause whatever; A
| report OF The premiums no collected, and the
losses paid BY or for any such company, as
above, must be made 10 the Insurance Com
missioner, under oath Of the chief accounting
oflcer OF such company, or Of It's general
agent for this State, at The time Of oh taining
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 year, 50 that all
licenses issued shall expire on the thirty-irst
day OF December next ensuing; Ia addition 10
the above license and tax, there shall be paid
oy each insurance company, individual, resi-
DEBT or nonresident partnership or Associa-
| ton, whether Of this State or Otherwise, do