676 LAWS OF MARYLAND. [CH. 387

doing business in this State, whether life, fire, marine or in-
land insurance, shall be less than one hundred thousand dol-
lars ; and every insurance company authorized to do business
in this State must have and continually keep an amount equal
to its entire reinsurance reserve, and all other debts and claims
against it, exclusive of capital stock invested in the bonds,
coin or treasury notes of the United States, or bonds or stocks
of this or any other State of the United States, or of any
county, incorporated city or other corporation of this or any
other State having legal authority to issue the same, not only
bearing but paying interest, or it may be invested in real
estate for their office or business purpose only; provided,
however, that they shall have the right to purchase and hold
real estate under a foreclosure of their own mortgages for a
period of not more than five years, and for five years longer,
if in the judgment of the insurance commissioner, it is ad-
visable so to do; or it may be invested in ground rents, or
loaned, upon first mortgages or unincumbered real estate, in
this or any other State of the United States, provided, the
amount loaned upon such real estate does not exceed 60%
of the fair market value of such real estate and whenever such
loans are made upon real estate which is improved by a build-
ing or buildings, the said improvements shall be insured
against loss by fire and the fire insurance policies shall be duly
assigned to the mortgagee as additional security for the said
loan ; or it may be loaned on pledges of any security named in
this section, or on the policies of the company in force, pro-
vided, that each loan is less than the net reserve of the policy
on which the loan is made, according to the standard of valua-
tion prescribed in this Article; and provided, that the current
market value of such pledged securities, other than the bonds
and stocks of this State, or of the United States, shall be at all
times during the continuance of such loans, at least ten per
cent more than the sum loaned on them ; and all such loans
shall be subject to the power of the company to terminate the
same in case of the depreciation of the securities below that
limit; and provided, that in all investments made upon mort-
gage securities, the evidence of the debt shall accompany the
mortgage or deed of trust; and the insurance commissioner
shall have the authority, when any of the securities mentioned
in this section and held by any insurance company reporting