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ART. XXIII] INSURANCE COMPANIES. 121
said subscribers, conditioned that upon the issuance of Certificate of
Authority provided for in Section 154AJ, action may be brought in the
county or city in which the property or risk insured thereunder is
situated, and service of process may be had upon the Insurance Com-
missioner in all suits in this State arising out of such policies, con-
tracts or agreements, which service shall be valid and binding upon all
subscribers exchanging at any time reciprocal or inter-insurance con-
tracts through such attorneys. Three copies of such process shall be
served and the Insurance Commissioner shall file one copy, forward one
copy to said attorney and return one copy with his admission of service.
1918, ch. 400, sec. 154AE.
154AE. There shall be filed with the Insurance Commissioner by
such attorney, whenever the Insurance Commissioner shall so require,
a statement under oath of such attorney showing the maximum amount
of indemnity upon a single risk, and no subscriber shall assume on a
single risk an amount greater than ten per cent, of the net worth of such
subscriber.
1918, ch. 400, sec. 154AF.
154AF. There shall at all times be maintained assets in cash or
securities authorized by the laws of the State in which the principal
office is located, for the investment of funds of insurance companies
doing the same kind of business, an amount equal to 100% of the net
unearned premiums or deposits collected and credited to the accounts
of subscribers, or 50% of the net annual advance premiums or deposits
collected and credited to the accounts of subscribers on policies having
one year or less to run and pro rata on those for longer periods. In
addition to the foregoing sum, in the case of liability and workmen's
compensation insurance, there shall be maintained as a reserve in cash
or such securities, assets sufficient to discharge all liabilities on all
outstanding losses arising under policies issued; the same to be calcu-
lated on the basis of net permiums or deposits as in this section defined
and in accordance with the laws of the State relating to similar reserves
for companies insuring similar risks. Net premiums or deposits as
used in this section shall be construed to mean the advance payments
made by subscribers after deducting therefrom the amount specifically
provided in the subscribers' agreements for expenses. If at any time
the assets on hand are less than the foregoing requirements, or less than
the $100,000.00, whichever is the greater, where the attorney is
exchanging contracts covering liability or workmen's compensation insur-
ance, the subscribers shall make up the deficiency. Whenever such,
assets are less than the amount required above, or less than $50,000.00,
whichever is the greater, if the attorney is exchanging contracts other
than those covering liability and workmen's compensation insurance,
the subscribers shall make up the deficiency.
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