1102 LAWS OF MARYLAND [CH. 538

forced by the directors of any such company. Should the
members of such company fail to make such reasonable rules
and regulations, the directors thereof shall make and submit
them to the State Industrial Accident Commission for its
approval, and when approved by said Commission the di-
rectors 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
preniises of employer 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 com-
pany may be cancelled and terminated by the board of di-
rectors, after giving such member notice of such cancellation
ten days prior to its becoming effective.

154S. Nothing in this Article shall prevent any employer
and his or its employees, subject to the approval of the State
Industrial Accident Commission, from agreeing upon and con-
ducting any scheme of compensation, benefit or insurance for
the purpose of insuring the payment of compensation 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 accidental injury to such employees, or for insuring to
such employees sick, old age or other benefits; provided any
such scheme of compensation, benefit or insurance shall main-
tain the same reserves as are required under Section 154H of
mutual insurance companies for the same kind of business, and
shall make reports to the State Insurance Commissioner and
shall be subject to examination by him as provided in Section
154M for mutual insurance companies. But no such scheme
shall assume any insurance risk until it receives a license
from the State Insurance Commissioner, who shall not grant
or issue to it any license until the State Industrial Accident
Commission certifies 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 injured therein and the
premium rates to be paid are, in the judgment of said Com-
mission, adequate for benefits promised, and unless the
scheme provides for extra payments hereto 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