INSURANCE 2101

and authorized by Section 132 shall before being entitled to transact any
business of insurance, transfer and assign to and deposit with the Insur-
ance Commissioner, in trust, as security for the holders of policies or other
obligations of said companies, bonds, coin or treasury notes of the United
States of America, or investments or securities mentioned and authorized
by Section 19, having a market value of not less than fifty thousand dol-
lars; and such companies falling within the class referred to and author-
ized by Section 133, and not by law otherwise provided for, shall deposit
with the Insurance Commissioner, in trust, as aforesaid, bonds, coins or
treasury notes or investments or securities as above mentioned and author-
ized, having a market value of not less than ten thousand dollars ($10,000)
nor more than one hundred thousand dollars ($100,000).

An. Code, 1924, sec. 21. 1922, ch. 492, sec. 22. 1933 (Special Sess.), ch. 99, sec. 21.

21. (Deposit of Securities by Foreign Companies.) Every foreign com-
pany writing life, health, accident, liability, compensation or casualty
insurance, or fidelity or surety bonds, shall, before being entitled to re-
ceive a license to do any business of insurance in this State, assign to and
deposit with the treasurer of the State of Maryland, in trust, as security
for all the holders of policies of said companies within this State, bonds,
coin or treasury notes of the United States of America, or securities of the
same kind and in the same amount as required by Sections 19 and 20 of
domestic companies doing the same class of business, unless said com-
panies shall have deposited with some proper official of the state where
incorporated or organized, or in some other State of the United States, in
trust as security for all the holders of policies of said company in the
United States of America, coin, notes or securities authorized by the in-
surance laws of the State where incorporated or organized, and approved
by the proper official thereof and having authority therefor, to an amount
not less than that required of companies doing the same class of business
by the laws of this State to be deposited with the treasurer of this State.

An. Code, 1924, sec. 22. 1922, ch. 492, sec. 23.

22. (Additional Deposits.) Whenever any of the securities required to
be deposited as provided by sections 19, 20 and 21 shall depreciate in value
so that the market value of the deposit shall be less than that required by
said sections, additional securities shall be deposited in order that the
deposit shall at all times be maintained in the amount of not less than that
required by said sections.

An. Code, 1924, sec. 23. 1922, ch. 492, sec. 24.

23. (Exchange and Surrender of Deposits.) Any deposit of coin, trea-
sury notes or securities as aforesaid made, may at any time be withdrawn
by the company making the same, under such rules and regulations as the
treasurer of Maryland or the insurance commissioner, respectively, with
whom made, may reasonably make, upon the joint written request of the
company having made said deposit and the insurance commissioner, pro-
vided other securities authorized by law and of at least equal value shall be
substituted therefor. Whenever it shall appear to the satisfaction of the .
said treasurer or the insurance commissioner, respectively, with whom any
deposit shall have been made as aforesaid, that the company having made
such deposit has surrendered its charter or ceased to do business in this