.

as policies for the largest amount which, according to their terms, might be payable thereunder in case the assessment provided for should yield a sufficient amount to pay the same; and if any certain number of assessments be specified upon said policies as payable by the holders thereof, the company shall not be entitled to levy any further assessments, even although such rights may have been expressly reserved in the policy; provided, however, that before any such company shall be entitled to do business as a stock company as aforesaid, the Insurance Commissioner shall, upon request, value the assets of the said company and its outstanding policies, and shall find and give his certificate that the admitted assets of said company, including its capital stock, are sufficient to provide reserve upon all outstanding policies as required by the laws of this State in relation to insurance companies.

1888, art. 23, sec. 115. 1868, ch. 471, sec. 99.

148. Every corporation formed under the provisions of this article for the purposes of life insurance is hereby authorized also to insure individuals against accident, and to grant, purchase or dispose of annuities, unless it be otherwise provided in its charter or by-laws.

Ibid. sec. 116. 1868, ch. 471, sec. 100. 1900, ch. 660.

149. Every life or health insurance company incorporated under this article, except organizations formed under the provisions of Section 176 of this Article, shall have a guaranteed capital of not less than one hundred thousand dollars, which shall be invested either in securities of the United States, of the State of Maryland, or of the city of Baltimore, and the same shall, before said company shall commence issuing policies, be deposited in the treasury of this State as a guarantee for the payment of the policies of insurance issued by said company; and the said company, from time to time, as it shall deem proper, may sell and dispose of the said securities, and exchange and re-deposit with the State Treasurer, under such rules and regulations for said exchange and deposit as he shall direct, the said company confining the said business of sale, disposition and exchange of said securities to either or all of said

securities above named in this section; and the interest and profits accruing and made on said securities, and the sale or exchange thereof, shall be collected by and paid to said company.

Casualty Co.'s Case, 82 Md. 561. Fraternal Alliance v. State, 86 Md.

.560.

Ibid. sec. 117. 1868, ch. 471, sec. 101.

150. Any married woman, by herself and in her name, or in the name of any other person, with his assent, as her trustee, may insure in any life insurance company formed under the provisions of this article, for her sole use, the life of her husband for any definite period or for the term of his natural life; and in case she shall survive her husband, the sum or net amount of the insurance becoming due and payable by the terms of the insurance shall be payable to her and for her own use, free from the claims of the representatives of the husband or of any of his creditors; and in case of the death of the wife before the decease of the husband, the amount of the insurance may be made payable, after death, to her children for their use, and to their guardian if under age.

Mutual Benefit Life ins. Co. v. Wise, 34 Md. 582. Whitridge v Barry, 42 Md. 140. Knickerbocker Life Ins. Co. v. Peters, 42 Md. 415. Mutual Life Ins. Co. v. Stibbe, 46 Md. 312. Ellicott v. Bryan, 64 Md 568.

1888, art. 23, sec. 118. 1868, ch. 471, sec. 102.

151. It shall not be lawful for any insurance company incorporated under the laws of any other State of the United States, or by any foreign government, directly or indirectly, to take risks or transact any business of insurance in this State, unless possessed of the amount of actual capital required of similar companies formed under the provisions of this article; and any such company desiring to transact any such business as aforesaid by any agent or agents in this State shall appoint such agent or agents, who shall reside in this State, and shall file in the office of the clerk of the Superior Court of Baltimore City a certified copy of the vote or resolution of the directors appointing such agent, to be recorded at the cost of such agent in a book to be specially procured for that purpose; which

appointment shall continue until some other agent shall be in like manner appointed in his place, and the appointment certified and recorded as aforesaid.

Stevens v. Rasin Fertilizer Co., 87 Md. 683. Reserve Co., 89 Md. 112.

1900, ch. 744, sec. 118A.

Condon v. Mutual

152. Every insurance company, foreign or domestic, shall conduct its business in this State in its own proper or corporate name, and the policies and contracts of insurance issued by it shall be headed or entitled only by its proper or corporate

name.

1888. art. 23, sec. 119. 1868, ch. 471, sec. 103.

153. Said company shall also file in said clerk's office, to be recorded as aforesaid, a certified copy of its charter, together with a statement under the oath of the president or vice-president and secretary, and to be renewed annually, in the month of January of each year, setting forth the name of the company and the place where located, the amount of capital and the amount actually paid in, with a detailed statement of its assets and its indebtedness, the amount of losses adjusted and unpaid, the amount incurred and in process of adjustment, and any other claims existing against the company; and in the case of life insurance companies, the said certificate shall contain a statement, under the oaths of said certifying officers, that the said company has invested in good securities, naming them, an amount equal to that required of similar companies authorized to be incorporated under this article, and that such securities are held in trust, and by whom, for the benefit of persons who may effect insurance in said company. Any person who shall act as agent of any insurance company which has not complied with the provisions contained in this section shall be subject to a penalty of five hundred dollars for every day he shall so act, to be recovered as other fines and penalties are recovered in this State, one-half to the use of the informer and one-half to the use of the State.

Stevens v. Rasin Fertilizer Co., 87 Md. 683. Condon v. Mutual Reserve Co., 89 Md. 112.

1890, ch. 254, sec. 119A.

154. No life insurance company incorporated under the laws of any other State or country and doing business in the State of Maryland shall make or permit any distinction or discrimination in favor of individuals of the same class and equal expectation of life, in the amount or payment of premiums or rates charged for policies of life or endowment insurance, or in the dividends or other benefits payable thereon, or in any other of the contracts of insurance it makes, nor shall any such company or agent thereof make any contract of insurance or agreement as to such contract, other than as plainly expressed in the policy issued thereon, nor shall any such company or agent pay or allow, or offer to pay or allow, as inducement to any person to insure any rebate of premium payable on the policy, or any special favor or advantage whatever, in the dividends or other benefits to accrue thereon, or any valuable consideration or inducement whatever, not specified in the policy or contract of insurance.

Ibid.

Ibid. sec. 119B.

155. It shall not be lawful for any company organized under the laws of any other State or county, or its representative, to procure for any person seeking life insurance a State license for the purpose of allowing to such person a rebate.

1890, ch. 254. 1892, ch. 441, sec. 119c.

156. Any life insurance company, its agent or agents, violating Sections 154 and 155 shall be guilty of a misdemeanor and upon conviction thereof, the offender or offenders, shall be sentenced to pay a fine of five hundred dollars on each and every violation, when the amount of the insurance is twenty-five thousand dollars or less; and for every additional twenty-five thou sand dollars of insurance or less, there shall be an additional penalty of five hundred dollars, and such offender or offenders shall be prohibited from doing insurance business in the State of Maryland until said fine is paid, or the said fine or penalty may be sued for and recovered in the name of the State of Maryland by the State's Attorney of the county or city in which such agent or agents may reside or in which the offense is committed; one-half of said penalty, when recovered, shall be paid

into the Treasury of the State, the other half to the informer of such violation.

1888, art. 23, sec. 120. 1868, ch. 471, sec. 104.

157. Any corporation formed under this article may insure the property, real, personal or mixed, which any married woman may own jointly or in severalty, in the same manner as if she were a feme sole; and any guardian may, with the assent of the Orphans' Court by which he shall have been appointed, insure in any company formed under this article, any property which the ward or wards of such guardian may own, either jointly or in severalty, and such insurance shall have the same effect in all respects as if the minor whose property is thus insured were of full age, and had made such insurance himself.

1908, ch. 322.

157A. All persons or individuals obtaining insurance on property situate in this State, owned by individuals or firms resident in this State, or corporations incorporated under the laws of this State, against fire, lightning or tornado, from com. panies, associations, firms or corporations not authorized to transact business in this State, shall file with the Insurance Commissioner of the State a statement or declaration setting forth the name of the company, number of policy, amount of insurance, rate, premium and description of property; shall be required to pay a tax thereon of five per cent. of the premiums paid on such policies to the said Insurance Commissioner; and shall further pay a fee to said Commissioner of one dollar on each policy for making a record of the said statement or declaration, which record shall be kept for the private information of the Insurance Department of this State and shall not be a public record.

1908, ch. 690.

157AA. All life, fire and marine insurance companies operating upon the assessment plan, shall be obliged to print in bold type, not less than one-half the size of the largest type used in printing the policy, note, certificate or renewal, the word assessment, in a different color of ink from which that of the