356 LAWS OF MARYLAND. [CH. 194

known as Section 201A of said Article, the said new and
additional section relating to the valuation of the assets of
life insurance companies.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That a new and additional Section be and the same
is hereby added to Article 23, of the Annotated1 Code of Pub-
ic Civil Laws of Maryland, (Legalized by Chapter 21, of the
Acts of the General Assembly of Maryland of 1912), title
"Corporations" to come in immediately after Section 201,
said new and additional Section to be known as Section 201A,
and which said Section shall read as follows:

Section 201A. All bonds and other evidences of debt held
by any Life Insurance Corporation authorized to do business
in this State, may, if amply secured and not in default as to
principal or. interest, be valued for any and all purposes for
which valuation may be made, or is required to be made,
under the Laws of this State as follows:

If purchased at par, at the par value;

If purchased above or below par, on the basis of the pur-
chase price adjusted so as to bring the value to par at maturity,
and so as to yield meantime the effective rate of interest at
which the purchase was made; provided, that the purchase
price shall in no case be taken at a higher figure than the
actual market value at the time of purchase; (und provided
further, that the Insurance Commissioner shall have full dis-
cretion in determining the method of calculating values ac-
cording to the foregoing rule, and the values found by him in
accordance with such method shall be final and binding; pro-
vided also, that any such corporation may return such bonds
or other evidences of debt at their market value or their book
value, but in no event, at an aggregate value exceeding the fore-
going rule; and provided further, that all securities, except
those having a fixed term and rate and not in default as to
principal or interest, shall be valued according to the provi-
sions of the laws of this State, or the established practice in
this State existing at the time of the passage of this Act. But
this Act shall not be construed to apply to any insurance cor-
poration authorized to do business in this state, which shall
not elect to value its bonds and other evidences of debt by
Amortization as herein provided.