WM. PRESTON LANE, JR., GOVERNOR. 1263

Whenever, in the judgment of the Insurance Commissioner,
the liability or compensation loss reserves of any insurer
under his supervision, calculated in accordance with the fore-
going provisions, are inadequate, he may, in his discretion,
require such insurer to maintain additional reserves based
upon estimated individual claims, or otherwise.

Each insurer that whites liability or compensation policies
shall include in the annual statement required by law a
schedule of its experience thereunder in such form as the
Insurance Commissioner may prescribe.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1949.

Approved April 29, 1949.

CHAPTER 514
(House Bill 65)

AN ACT to repeal and re-enact, with amendments, Section
148 of Article 48A of the Annotated Code of Maryland
(1947 Supplement), title "Insurance", sub-title "Mutual In-
surance Companies", relating to the minimum assets re-
quired of certain classes of domestic mutual insurance com-
panies hereafter incorporated, and relating to the premi-
ums for the policies of such companies.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 148 of Article 48A of the Annotated Code
of Maryland (1947 Supplement), title "Insurance", sub-title
"Mutual Insurance Companies", be and the same is hereby
repealed and re-enacted, with amendments, to read as follows:

148. (Requirements Prior to Doing Business. ) No company
hereafter organized under this sub-title shall issue policies or
transact any business of insurance unless it shall comply with
the conditions following, nor until the Insurance Commis-
sioner has, by formal license, authorized it to do so, and such
license shall not issue until the Insurance Commissioner shall
have ascertained from the best sources of information at his
command, and by such investigation as he may deem neces-
sary, and shall be satisfied that the character, responsibility
and general fitness of the persons named as officers and
directors of said company, are such as to command confidence
and warrant belief that the business of the company will be
honestly and efficiently conducted in accordance with the