Ch. 36

1995 LAWS OF MARYLAND

In subsection (c)(2)(iii) of this section, the reference to each line of
"insurance" is substituted for the former reference to each line of "business"
to conform to subsection (c)(2)(ii) of this section.

In subsection (c)(2)(iy) of this section, the former phrase "the extent of" is
deleted as surplusage.

In subsection (c)(2)(viii) of this section, the word "other", which formerly
modified "comparable insurers", is deleted as surplusage.

Former Art. 48A, § 47(3), which applied to domestic stock life insurers that
had been continuously engaged in the life insurance business for more than 40
years before July 1, 1968, and which provided capital and surplus
requirements for those insurers between December 31, 1968, and December
30, 1977, is deleted as obsolete..

Former Art. 48A, § 47(4), which applied to domestic mutual insurers other
than life insurers that were continuously engaged in business for 5 years
before December 31, 1967, and were issuing motor vehicle policies on an
assessable basis on that date and which provided capital and surplus
requirements for those insurers between December 31, .1969, and December
30, 1980, is deleted as obsolete.

Defined terms: "Certificate of authority" § 1-101
"Insurance" § 1-101
"Insurance business" § 1-101
"Insurer" § 1-101
"Mutual insurer" § 1-101
"Person" § 1-101
"Premium" § 1-101

"Reciprocal insurer" § 1-101                                                           

"Reinsurance" § 1-101                                                           

"Stock insurer" § 1-101

4-104. CAPITAL STOCK REQUIREMENTS.

(A) BUSINESS STARTED ON OR BEFORE JUNE 30, 1965 — ONE KIND OF
INSURANCE BUSINESS.                                             

EXCEPT AS OTHERWISE PROVIDED IN THIS ARTICLE, TO QUALIFY FOR A
CERTIFICATE OF AUTHORITY TO ENGAGE IN ONE KIND OF INSURANCE BUSINESS,
AN INSURER THAT STARTED BUSINESS IN THE STATE ON OR BEFORE JUNE 30, 1965,
MUST HAVE AND MAINTAIN PAID-IN CAPITAL STOCK WITH A FIXED NOMINAL OR
PAR VALUE IN AN AMOUNT NOT LESS THAN THAT APPLICABLE UNDER THE
FOLLOWING SCHEDULE:                                                                 

KIND OF                                                                      MINIMUM CAPITAL

INSURANCE BUSINESS                                             STOCK REQUIRED

(1) LIFE INSURANCE, INCLUDING ANNUITIES AND

HEALTH INSURANCE...................................................... $200,000

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