WILLIAM DONALD SCHAEFER, Governor                         Ch. 507

75.

In any determination of the financial condition of an insurer, there shall be allowed
as admitted assets only such assets as are owned by the insurer and which consist of:

(13) Other assets, not inconsistent with the provisions of this [section]
SUBTITLE, deemed by the Commissioner to be available for the payment of losses and
claims, at values to be determined by him.

76.

[In addition to assets impliedly excluded by the provisions of]
NOTWITHSTANDING § 75 of this subtitle, the following expressly shall not be allowed as
admitted assets in any determination of the financial condition of an insurer:

(1)     Good will, organizational expenses, trade names and other like intangible
assets.

(2)     Advances to officers (other than policy loans) whether secured or not, and
advances to employees, agents and other persons on personal security only, except a bona
fide mortgage loan, duly approved and ratified by the board of directors, secured by a first
mortgage on a residence used for such officer's or employee's personal habitation and for
an amount not in excess of that permitted for any other mortgage investments as provided
under § 96, subsection (7) of this article.

(3)     Stock of such insurer, owned by it, or any material equity therein or loans
secured thereby, or any material proportionate interest in such stock acquired or held
through the ownership by such insurer of an interest in another firm, corporation or
business unit.

(4)     Furniture, fixtures other than electronic and mechanical machines
constituting a data processing and accounting system authorized under § 75 (11),
furnishings, safes, vehicles, libraries, stationery, literature and supplies.

(5)     The amount, if any, by which the aggregate book value of investments as
carried in the ledger assets of the insurer exceeds the aggregate value thereof as
determined under this article.

132.

For the purpose of this subtitle:

(1) "Impairment", "IMPAIRED", "insolvency", or "insolvent" means
[when] THAT an insurer:

(i) Is not possessed of assets at least equal to all liabilities and
required reserves together with:

1. If a stock insurer, its total issued and outstanding capital
stock and minimum surplus; or

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