1008                             Laws of Maryland                       Ch. 433

Kind or Kinds of Insurance Minimum Capital
Business                         Stock Required

(a)    Life, including annuities and health ....................$500,000.00

(b)    Health ........................................................................  250,000.00

(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

(i) Surety ........................................................................ 250,000.00

(4) 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 on or after July 1, 1965, shall
possess paid in capital stock having a fixed nominal or par value in an
amount of not less than $500,000.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved April 28, 1970

CHAPTER 433
(House Bill 584)

AN ACT to repeal and re-enact, with amendments, Section 486D.(a)
of Article 48A of the Annotated Code of Maryland, (1957 Edition,
1968 Replacement Volume) (1968 REPLACEMENT VOLUME
AND 1969 SUPPLEMENT), title "Insurance Code," subtitle 30A.
"Premium Finance Agreements," to clarify the language thereof
relating to service charges in premium finance agreements.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 486D. (a) of Article 48A of the Annotated Code of Mary-
land, (1957 Edition, 1968 Replacement Volume) (1968 REPLACE-
MENT VOLUME AND 1969 SUPPLEMENT), title "Insurance
Code," subtitle "Premium Finance Agreements," be and it hereby is
repealed and re-enacted, with amendments, to read as follows:

486D. Maximum Service Charge; Initial Service Charge.

(a) The service charge shall be computed [on the balance of pre-
mium due] on the entire premium loan advanced, after subtracting
any down payment on the premium loan made by the insured, from
the inception date of the insurance contract, or from the due date of
such premium, disregarding any period of grace or credit allowed for
payment thereof, to and including the date when the final install-
ment [of] under the premium finance agreement is payable, at a rate
not exceeding one-half of one per cent [per one hundred dollars
($100.00)] for each thirty days, charged in advance [, upon the
entire amount advanced, payable in installments]. In addition to the
above service charge, insurance premium finance companies shall be