full exhibit of its business and standing; all of which statements herein required must be certified by the signatures and oath of the president or vice-president of the company, with that of the secretary or actuary. No company having neglected to file a statement required of it within the time and manner prescribed shall do any new business, after notification by the Insurance Commissioner, while such neglect continues; and any company or association neglecting for thirty days to make and transmit any statement required, shall forfeit one hundred dollars for each day's neglect; and any person or company wilfully making a false statement in any report to the Insurance Commissioner, shall be liable to the fines imposed by Section 188 of this Article.

1904, ch. 376, sec. 135A.

185. The statement or statements required to be made to the Insurance Commissioner under Section 184 of this Article may, for the year ending December 31, 1903, be transmitted on or before July 1, 1904, in lieu of the time or times provided in said Section 184 of this Article, and the Insurance Commissioner shall not be required to publish abstracts of the said statement or statements as required by Section 189 of this Article, nor his annual statement to the Governor, as he is required by sub-section tenth of Section 160 of this Article, until September 1, 1904.

1888, art. 23, sec. 136. 1860, art. 56, sec. 34. 1858, ch. 432, sec. 7. 1872, ch. 388. 1874, ch. 400. 1876, ch. 248. 1878, ch. 106.

186. The capital stock of no insurance company, mutual insurance companies excepted, incorporated by this State, or incorporated by the laws of any other State or nation, and doing business in this State, whether life, fire, marine or inland insurance, shall be less than one hundred thousand dollars; and every insurance company authorized to do business in this State must have and continually keep an amount equal to its entire re-insurance reserve, and all other debts and claims against it, exclusive of capital stock invested in the bonds, coin or treasury notes of the United States, or bonds or stocks of this or any other State of the United States, or of any county,

incorporated city or other corporation of this or any other State having legal authority to issue the same, not only bearing but paying interest, or it may be invested in real estate for their office or business purpose only; provided, however, that they shall have the right to purchase and hold real estate under a foreclosure of their own mortgages for a period of not more than five years; and for five years longer, if in the judgment of the Insurance Commissioner it is advisable so to do; or it may be invested in ground rents, or loaned upon 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 against fire, and the policies duly assigned as additional security, when the value of the buildings so insured-to an extent not exceeding the amount for which they are insured-shall be taken into account as a part of the security for such loan, in determining whether the security is worth double the amount loaned thereon; or it may be loaned on pledges of any security named in this section, or on the policies of the company in force; provided, that each loan is less than the net reserve of the policy on which the loan is made, according to the standard of valuation prescribed in this article; and provided, 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 centum more than the sum loaned on them; and all such loans shall be subject to the power of the company to terminate the same in case of the depreciation of the securities below that limit; and provided, that in all investments made upon mortgage securities, the evidence of the debt shall accompany the mortgage or deed of trust; and the Insurance Commissioner shall have the authority, when any of the securities mentioned in this section and held by any insurance company reporting to him are of doubtful market value, or without any ascertainable value in the exchange, to cause the same to be appraised by two disinterested and competent persons, whose estimate of the value of such securities shall be taken to be the value thereof, unless the company, by placing

some of them upon the market, and obtaining a bona fide offer therefor, shall so establish for them a different value.

Fraternal Alliance v. State, 86 Md. 558.

1888, art. 23, sec. 137. 1860, art. 56, sec. 35. 1872, ch. 388. 1874, ch. 400. 1876, ch. 248.

1858, ch. 432, sec. 8. 1878, ch. 106.

187. Whenever the Attorney General of the State or the State's Attorney for the city of Baltimore or for any county of this State shall be required by the Insurance Commissioner to institute proceedings against any insurance company, incorporated under the laws of this State, to ascertain whether such corporation has been guilty of such misuse, abuse or non-user of its corporate powers and franchises, as by law would authorize and make proper the forfeiture of its charter, corporate powers and franchises, the said Attorney General, or State's Attorney, as the case may be, so required, shall file with the Superior Court of Baltimore City, or the Circuit Court for the county, as the case may be, a petition in the name of the State, setting forth fully in detail the alleged abuse, misuse, or non-user, by reason whereof the forfeiture is sought; and upon the filing of such petition, the court in which it is filed, or any judge thereof, shall lay a rule requiring the said company or corporation to show cause, within such time as the said judge may deem proper, why a decree of forfeiture should not be passed as prayed in said petition; a copy of which rule, and the petition shall be served on the president, manager, secretary, or some other officer of the said company or corporation, by a day to be therein limited, not exceeding twenty days, and other processes against such companies or corporations are directed to be served; and further proceedings shall be had in said cause in conformity with the provisions of this Article. Ibid. sec. 138. 1860, art. 56, sec. 36. 1858, ch. 432, sec. 8. 1872, ch. 388. 1874, ch. 400. 1876, ch. 248. 1878, ch. 106. 1894, ch. 175. 188. Any person or persons, or any company or association, violating any of the provisions of Sections 158-187, inclusive, of this Article, shall be subject to a fine not less than one hundred dollars, nor more than one thousand dollars, which fine shall be collected as all other fines imposed by the laws of this

State are Low collectible; provided, that when, by the laws of any other State, any deposit of money or securities is required, or taxes, fines or penalties or other obligations or prohibitions are imposed upon insurance companies incorporated or organized under the laws of this State, and transacting business in such other State, or upon the agents of such insurance companies, greater than those required or imposed by the laws of this State, so long as such laws continue in force, the same taxes, fines, penalties and deposits, obligations and prohibitions, shall be imposed upon all agents or insurance companies of such State, doing business in this State, instead of those prescribed by the laws of this State. Any deposit of money or securities required by this section shall be made with the Treasurer of this State, and it shall be the duty of the Treasurer to assign and change, or surrender any such securities so held by him, upon the joint application of the Insurance Commissioner and the company to which they belong. And the Treasurer shall make no transfer of such securities except upon such joint application of the Insurance Commissioner and the company by whom they have been deposited, and all such transfers must be countersigned by the Insurance Commissioner.

Metropolitan Life Ins. Co. v. Dempsey, 72 Md. 293. Talbott v. Fidelity and Casualty Co., 74 Md. 540.

1888, art. 23, sec. 139. 1880, ch. 387.

189. The Insurance Commissioner shall, annually, at the time of issuing a license to each insurance company doing business in this State, publish an abstract of the annual statement required by this article, of each insurance company doing business in this State, once a week for three consecutive weeks, in a daily newspaper published in the city of Baltimore, except that in case of insurance companies of this State having their principal office in one of the counties of this State, the newspaper selected for such publication must be published in the county where such company is located; the companies shall, in addition, publish in another paper, said abstract, three consecutive times; and the Insurance Commissioner, and the company shall cause the first appearance of the publication

of the fire insurance companies prior to the first day of March, and of life insurance companies prior to the first day of April; and the actual net cost of said publication by the Insurance Commissioner he is hereby authorized to collect from each company, the abstract of whose statement is so published by him; and provided also, that any corporation, association, partnership or individual doing a life insurance business in this State on the co-operative or mortality assessment plan, shall not be subject to the provisions of sub-sections second, third, fourth, fifth and eighth of Section 160 and of Section 186 of this Article, nor to any other provisions of this Article not applicable to the co-operative plan, but shall in all other respects comply with the provisions of this article and any amendments thereto.

1888, art. 23, sec. 140. 1874, ch. 9.

190. Any insurance company, incorporated under the laws of any other State, may acquire by purchase, or any other manner, and take, receive, hold, use, employ, manage, dispose of, or deal with, any property, real, personal or mixed, and situate in the State of Maryland, which may be necessary or proper to enable any of said insurance companies to erect buildings for office or business purposes, or to enable any of said insurance companies to foreclose any mortgages that may be due said companies for loans made; provided, that all transactions, as herein permitted, shall be in accordance with the laws now in force regulating such transactions on the part of insurance companies incorporated under the laws of this State; all laws of this State, regulating and providing for the purchase and holding of real estate by insurance companies of this State shall be construed to bear with equal effect in law upon companies of other States, purchasing or holding real estate in the State of Maryland.

Ibid. sec. 141. 1884, ch. 500.

191. Any company, association, partnership or corporation, granting insurance on the lives of persons under the age of ten years, and doing business in the State of Maryland, or issuing policies on the lives of residents of this State, must value all