INSURANCE. 1843

obligation, recognizance or guaranty when so executed by such company
as conforming to and fully and completely complying with every such
requirement of every such law, charter, ordinance, rule or regulation.
As to sureties and counter-security, etc., see art. 90.

1922, ch. 492, sec. 102.

105. Qualifications and Surplus. Any company to be qualified to act
as surety or guarantor in this state, or to transact any of the classes of
business known as casualty, liability or workmen's compensation insurance,
must comply with all the requirements of this article applicable to insur-
ance companies, except such requirements as may be inconsistent with
those embraced within the sections under this sub-title, must be authorized
under the laws of the state where incorporated and under its charter to do
the classes of business for which a license is sought under the laws of this
State, and every such company authorized to write fidelity or surety bonds,
or liability or workmen's compensation insurance, must have good, available
assets of at least one hundred and twenty-five thousand dollars in excess
of its capital stock, reserves and all other liabilities.

1922, ch. 492, sec. 103.

106. Certificate of Authority. The commissioner shall issue to any
such company having complied with all the requirements of this article
applicable thereto and applying therefor a license or certificate setting
forth that said company has qualified and is authorized for the ensuing year
to do the classes of business in this state set forth in said certificate which
said certificate shall be evidence of such qualification of such company
to do the classes of business authorized by said certificate, and if so author-
ized therein of its authorization to become and be accepted as sole surety on
all bonds, undertakings, recognizances and obligations required or per-
mitted by law, or in the charter, ordinances, rules or regulations of any
municipality, board, body, organization or public officer, and of the solvency
and credit of such company for all purposes, and of its sufficiency as
such surety.

1922, ch. 492, sec. 104.

107. Corporate Fiduciary Shall not Act as Surety. No corporation,
which under the laws of this state shall act as trustee, executor, administra-
tor, guardian, committee or receiver, or in any one or more of those capaci-
ties, without bond or security other than its own obligation, in any case in
which bond would be required from a natural person in the like or similar
capacity, shall incur the liability of a surety upon any bond of any sort
or description.

1922, ch. 492, sec. 105.

108. Premium Reserve. Every company doing any of the classes of
business mentioned and embraced in the preceding section, 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