1854 ARTICLE 48A.

regulations. Such rules and regulations and fines and forfeitures shall be
submitted to the state industrial accident commission and, when approved
by it, shall be enforced by the directors of any such company. Should the
members of such company fail to make such reasonable rules and regula-
tions, the directors thereof shall make and submit them to the state indus-
trial accident commission for its approval, and when approved by said
commission the directors of such company shall enforce them. If such
company appoints one or more inspectors or experts for the purpose of
accident prevention, they shall have free access to all premises of em-
ployer members, where work is being conducted during regular working
hours. The policy of any member neglecting to provide suitable safety
appliances as provided by law, or as required by the rules and regulations
of the company may be cancelled and terminated by the board of directors,
after giving such member notice of such cancellation ten days prior to its
becoming effective.

See art. 101, sec. 55.

1922, ch. 492, sec. 129.

132. Employer and Employees May Agree Upon Scheme of Compen-
sation. Nothing in this article shall prevent any employer and his or its
employees, subject to the approval of the state industrial accident commis-
sion, from agreeing upon and conducting any scheme of compensation,
benefit or insurance for the purpose of insuring the payment of compensa-
tion or any other liability of such employer to his employees, or, in the
event of death, to the dependents of such employees, as the result of acci-
dental injury to such employees, or for insuring to such employees sick,
old age or other benefits; provided any such scheme of compensation, bene-
fit or insurance shall maintain the same reserves as are required under
section 120 of mutual insurance companies for the same kind of business,
and shall make reports to the insurance commissioner and shall be subject
to examination by him as provided in section 125 for mutual insurance
companies. But no such scheme shall assume any insurance risk until it
receives a license from the insurance commissioner, who shall not grant or
issue to it any license until the state industrial accident, commission certi-
fies to him its approval of the plan of such scheme; and no such scheme
shall be so approved or certified by the state industrial accident commission
unless there are at least five hundred employees to be insured therein and
the premium rates to be paid are, in the judgment of said commission, ade-
quate for benefits promised, and unless the scheme provides for extra pay-
ments thereto in the event they should be necessary to maintain the required
reserves. But the approval of any such scheme for the insurance of so small
a number of employees as five hundred shall be discretionary with the
state industrial accident commission, which shall withhold its approval of
any such scheme for the insurance of a smaller number than two thousand
employees unless the financial plan of the scheme is especially strong, or the
risk or hazard is exceptionally low.

If the state industrial accident commission shall at any time find that
the scheme no longer fulfills the requirements of this section, or is not fairly