288 ARTICLE 48A.

policy to those otherwise entitled without the necessity of the grant of let-
ters testamentary or letters of administration, provided that the beneficiary
or next of kin of the decedent supply said Company or Association with
an affidavit to the effect that the only assets left by said decedent are the
proceeds of life insurance policies of not more than the amount specified.

Surety, Casualty, Liability and Compensation Insurance.

An. Code, 1924, sec. 108. 1922, ch. 492, sec. 105. 1927, ch. 394, sec. 108.
108. Premium Reserve. Every company doing any of the classes of
business mentioned and embraced in section 105 shall be charged with and
maintain as any other liability an unearned or reinsurance reserve for all
unexpired policies or risks in force, equal to the unearned portions of the
gross premiums charged for covering said policies or risks, computed on
each respective policy or risk from the date of the issuance of the policy,
bond or other contract of insurance; or, in the discretion of the commis-
sioner, at the rate of fifty per centum of the current annual premiums on
each outstanding bond, policy or contract in force and written for one year
or less, and on policies and bonds in force and written for more than one
year at the rate of fifty percentum of the current year's premiums, plus
the whole of the premiums for subsequent years.

1929, ch. 218.

112A. If the Commissioner, after charging any Casualty, Surety,.
Liability, Title or Miscellaneous company with the reserves, if any, as.
provided by law, and adding thereto all debts and claims against it, finds
the capital stock of such company impaired to the extent of twenty-five per
cent., he shall give notice to the company to make good its whole capital
stock within sixty days; and if this is not done he shall require the com-
pany to cease to do new business within this State; and shall thereupon, in
case the company is organized under the authority of this State, imme-
diately institute such legal proceedings as are necessary to protect the
rights of all persons in said company.

Mutual Insurance Companies.

122.

This section not applicable as deposit of securities was made before it was
passed though same not withdrawn immediately thereafter. Act 1916, ch. 256,
did not require surplus. Goldsborough v. Siegk, 150 Md. 566.

An. Code, 1924, sec. 123. 1922, ch. 492, sec. 120. 1929, ch. 267.

123. Admission of Foreign Companies. Any mutual insurance com-
pany organized outside of this state and authorized to transact the business.
of insurance on the mutual plan in this state, shall be admitted and
licensed, subject to the approval of the state insurance commissioner, as
aforesaid, to transact the kinds of insurance authorized by its charter or
articles of incorporation to the extent and with the powers and privileges-
specified under this sub-title, and when it shall be solvent under said sub-
title and shall have complied with the following requirements: