218 LAWS OF MARYLAND. [CH. 133

in, at any time be insufficient to provide full legal reserve upon
all outstanding policies as required by law, over and above all
other bona fide debts and claims against it; and provided, fur-
ther, that no such company having a paid-up capital stock less
than fifty thousand dollars ($50, 000. 00) shall issue any certifi-
-cate or other form of contract for the payment of money in
the aggregate of a greater sum than five hundred dollars
($500. 00) upon the termination of any one life or combina-
tion of lives, or a greater sum than seventy-five dollars ($75. 00)
annually, or the equivalent thereof, upon any contract of
annuity or during sickness or disability. And provided, fur-
ther, that any company organized prior to January first, 1914,
and now doing business in this State, which has a paid-up
capital stock of fifty thousand dollars ($50, 000. 00), or has on
deposit with the Insurance Commissioner of this State securi-
ties as above described amounting to fifty thousand dollars
($50, 000. 00), shall be authorized to issue certificates or poli-
cies up to, but not in excess of one thousand dollars ($1, 000),
on any one life or combination of lives.

And every such organization, foreign, of another State, or
domestic, conducting the business of health insurance, or as-
suming the payment of money or providing other benefits on
account of and during disability from sickness or accident, in
this State, shall have and constantly maintain, over and above
its capital stock and other liabilities and reserves required, and
as a special security for the payment of such benefits a sum
of money either in cash or in investments such as are pre-
scribed for the reserve fund of life insurance companies, equal
in amount, if the premiums for such benefits are payable
monthly or at shorter intervals, to at least one-twelfth part of
the total premiums or contributions payable during the year
for and on account of such disability insurance or sick or acci-
dent benefits; and if the premiums for such insurance are
payable annually or at intervals longer than one month, then
the sum so to be maintained shall be the amount of the un-
earned premium calculated proportionately for the unexpired
term of the insurance in the manner provided in Section 178
of this Article for calculating the re-insurance reserve of fire
insurance companies.

Approved March 31st, 1916.