WM. PRESTON LANE, JR., GOVERNOR. 1853

withstanding the foregoing provisions, an insurer may, at its
option, value its holdings of stock in a subsidiary insurance
company in an amount not less than acquisition cost if such
acquisition cost is less than the value determined as herein-
before provided.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1947.

Approved April 25, 1947.

CHAPTER 757.
(House Bill 451)

AN ACT to add a new sub-title and fifteen (15) new sections
to Article 48A of the Annotated Code of Maryland (1943
Supplement), title, "Insurance", said new sub-title to be
known as "Unfair and Deceptive Practices", and said new
sections to be known as Sections 258, 259, 260, 261, 262,
263, 264, 265, 266, 267, 268, 269, 270, 271 and 272, all to
follow immediately after Section 257 of said Article, re-
lating to unfair methods of competition and unfair and
deceptive acts and practices in the business of insurance.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new sub-title and fifteen (15) new sections be,
and the same are hereby added to Article 48A of the Anno-
tated Code of Maryland (1943 Supplement), title "Insur-
ance", said new sub-title to be known as "Unfair and De-
ceptive Practices,' and said fifteen (15) new sections to be
known as Sections 258, 259, 260, 261, 262, 263, 264, 265, 266,
267, 268, 269, 270, 271 and 2:72, all to follow immediately
after Section 257, and to read as follows:

UNFAIR AND DECEPTIVE PRACTICES.

258. (Declaration of Purpose.) The purpose of this Act
is to regulate trade practices in the business of insurance
in accordance with the intent of Congress as expressed in
the Act of Congress of March 9, 1945 (Public Law 15, 79th
Congress), by defining, and providing for the determination
of, all such practices in this State which constitute unfair
methods of competition or unfair or deceptive acts or prac-
tices and by prohibiting the trade practices so defined or
determined.