644 ARTICLE 48A.

(d) It shall have collected an annual cash premium upon each applica-
tion required for organization, the total of which premiums shall be held
in cash or in securities in which insurance companies are authorized to
invest, and the total assets shall (1) in case of companies writing fire,
marine, sprinkler leakage or other water damage, lightning, hail, wind-
storm, smoke or smudge damage, automobile fire, theft or property damage,
burglary, theft or inland marine insurance, either singly or any or all of
said classes of insurance combined, be equal to not less than twice the
maximum single risk assumed subject to one fire or to one loss, nor less
than ten thousand dollars ($10, 000); and (2) in case of companies writing
fidelity or surety bonds, or workmen's compensation, or automobile or
public liability insurance, be equal to not less than five times the maximum
single risk assumed, nor less than one hundred thousand dollars ($100, -
000); and (3) in case of companies writing all other classes of insurance,
be equal to not less than twice the maximum single risk assumed, not less
than ten thousand dollars ($10, 000); or, in lieu of complying with this
sub-section and with sub-section (a) of this section, it shall hold a surplus
equal to the capital stock and surplus required of a stock insurance com-
pany affecting the same kinds of insurance.

122.

This section not applicable as deposit of securities was made before it was
passed though same not withdrawn immediately thereafter. Act 1916, ch. 256,
did not require surplus. Goldsborough v. Siegk, 150 Md. 566.

An. Code, 1924, sec. 123. 1922, ch. 492, sec. 120. 1929, ch. 267.

123. Admission of Foreign Companies. Any mutual insurance com-
pany organized outside of this state and authorized to transact the business
of insurance on the mutual plan in this state, shall be admitted and
licensed, subject to the approval of the state insurance commissioner, as
aforesaid, to transact the kinds of insurance authorized by its charter or
articles of incorporation to the extent and with the powers and privileges
specified under this sub-title, and when it shall be solvent under said sub-
title and shall have complied with the following requirements:

(a) Filed with the insurance commissioner a certified copy of its charter
or articles and a certificate of the supervising insurance official of the state
in which it is incorporated, that it is there organized and authorized to do
such business as it desires to transact in this state.

(b) Filed with the commission¹ a copy of its by-laws certified to by its
secretary.

(c) Appointed the insurance commissioner its agent for the service of
process, in any action, suit or proceeding brought in this state, which au-
thority shall continue so long as any liability shall remain outstanding in
this state.

(d) Filed a financial statement under oath, in such form as the com-
missioner may require, and have complied with other provisions of the

¹ Evidently "commissioner" intended.