896                              LAWS OF MARYLAND                       CH. 482

a non-assessable basis for such insurers and providing generally
for the capital and surplus requirements of all insurers doing
business in this State.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 47 of Article 48A of the Annotated Code of Maryland
(1964 Replacement Volume), title "Insurance Code," subtitle
"3. Insurers: Authorization and General Requirements," be and it is
hereby repealed and re-enacted, with amendments, to read as follows:

47.

(1)    Capital and surplus requirements shall be based upon all
the kinds of insurance business actually transacted or to be trans-
acted by the insurer in any and all areas in which it operates,
whether or not only a portion of such kinds of business is to be
transacted in this State.

(2)   As to surplus required for initial qualification to engage
in any kind or kinds of insurance business and thereafter to be
maintained, stock insurers shall be governed by Sections 48 and
49; mutual insurers shall be governed by subtitle 17; reciprocal in-
surers shall be governed by subtitle 18; nonprofit health service plans
shall be governed by subtitle 20; and fraternal benefit societies shall
be governed by subtitle 19.

(3) Any domestic stock life insurer which (1) has and maintains

at all times a combined capital stock and surplus of not less than

$100,000 equally divided, and (2) which has been continuously en-
gaged in the life and/or health business IN THE STATE OF
MARYLAND for more than 20 40 years prior to July 1, 1968, may
continue in such business without the necessity of meeting the
increased capital and/or surplus requirements otherwise required of
such an insurer; and provided further, that this subsection shall
not be construed to authorize or permit any insurer who has a higher

capital and/or surplus to reduce the same unless the capital and

surplus exceeds the amounts prescribed by Sections 48 and 49., PRO-
VIDED THAT THE INSURER AT ALL TIMES HAS CAPITAL
AND SURPLUS AT LEAST EQUAL TO THE FOLLOWING
AMOUNTS:

BETWEEN DECEMBER 31, 1968 AND DECEMBER 30, 1969—
$135,000

BETWEEN DECEMBER 31, 1969 AND DECEMBER 30, 1970—
$145,000

BETWEEN DECEMBER 31, 1970 AND DECEMBER 30, 1971—
$160,000

BETWEEN DECEMBER 31, 1971 AND DECEMBER 30, 1972—
$170,000

BETWEEN DECEMBER 31, 1972 AND DECEMBER 30, 1973—

$185,000

BETWEEN DECEMBER 31, 1973 AND DECEMBER 30, 1974—
$200,000

BETWEEN DECEMBER 31, 1974 AND DECEMBER 30, 1975—
$225,000