Marvin Mandel, Governor                        1007

CHAPTER 432
(House Bill 579)

AN ACT to repeal and re-enact with amendments Section 48 of
Article 48A of the Annotated Code of Maryland (1968 Replace-
ment Volume), TITLE "INSURANCE CODE," SUBTITLE "IN-
SURERS: AUTHORIZATION AND GENERAL REQUIRE-
MENTS," providing that in order for stock insurers to qualify for
authority to engage in business in this State, they must have
capital stock with a fixed nominal or par value, and providing
generally for minimum capital stock requirements for insurers
doing business in this State.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 48 of Article 48A of the Annotated Code of Maryland
(1968 Replacement Volume), TITLE "INSURANCE CODE," SUB-
TITLE "INSURERS: AUTHORIZATION AND GENERAL RE-
QUIREMENTS," be it that same is hereby repealed and re-enacted
with amendments to read as follows:

48. Capital Stock Required.

(1) To qualify for authority to engage in the business of any one
kind of insurance business, unless otherwise provided in this article,
an insurer commencing business in this State prior to July 1, 1965,
shall possess and thereafter maintain paid-in capital stock having a
fixed nominal or par value in an amount not less than as applicable
under the following schedule:

Kind or Kinds of Insurance                Minimum Capital

Business                           Stock Required

(a)    Life, including annuities and health......................$200,000.00

(b)    Health ........................................................................ 100,000.00

(c)     Property and marine other than wet marine and
transportation .......................................................... 250,000.00

(d)    Title ............................................................................ 250,000.00

(e)    Wet marine and transportation.............................. 250,000.00

(f)     Casualty (not including (g) and (h) ) ................ 250,000.00

(g)    Vehicle liability ...................................................... 250,000.00

(h) Workmen's Compensation ...................................... 250,000.00

(1)     Surety ........................................................................ 250,000.00

(2)    To qualify for authority to engage in two or more of the kinds
of the insurance business stated in the schedule above an insurer
commencing business in this State prior to July 1, 1965, shall possess
paid-in capital stock having a fixed nominal or par value in an
amount of not less than the combined sum of the capital stock re-
quired for each of the kinds of insurance business to be authorized,
or $500,000, whichever is less.

(3)    To qualify for authority to engage in the business of any one
kind of insurance business, unless otherwise provided in this article,
an insurer commencing business in this State on or after July 1,
1965, shall possess and thereafter maintain paid-in capital stock
having a fixed nominal or par value in an amount not less than as
applicable under the following schedule: