ALBERT C. RITCHIE, GOVERNOR. 1141

compensation or casualty insurance, or fidelity or surety bonds,
except industrial life insurance companies embraced within the
provisions of sections 95, 96 and 97, shall, before being entitled
to transact any business of insurance, assign to and deposit
with the treasurer of the State of Maryland, in trust, as security
for all the holders of policies or other obligations of said company,
bonds, coin or treasury notes of the United States of America,
bonds of the State of Maryland or of any county or municipal
corporation of this state, or interest-paying first mortgage bonds
of such electric railways of this state, or interest-paying bonds
secured by first mortgage on unencumbered real estate situated
in this state, worth at least double the amount loaned thereon,
and not in default, as may be approved by the board of public
works, having a market value not less than one hundred thous-
and dollars.

SEC. 21. Deposit by Industrial Life Insurance Companies.
Industrial life insurance companies of this state falling within
the class referred to and authorized by section 96 shall, before
being entitled to transact any business of insurance, transfer
and assign to and deposit with the insurance 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 securities mentioned and authorized by
section 20, having a market value of not less than fifty thousand
dollars; and such companies falling within the class referred
to and authorized by section 97, and not by law otherwise pro-
vided for shall deposit with the insurance commissioner, in
trust, as aforesaid, bonds, coin or treasury notes or securities
as above mentioned and authorized, having a market value of
not less than ten thousand dollars ($10,000) nor more than
one hundred thousand dollars ($100,00).

SEC. 22. Deposit of Securities by Foreign Companies.
Every foreign company writing life, health, accident, liability,
compensation or casualty insurance, or fidelity or surety bonds,
shall, before being entitled to receive a license to do any busi-
ness 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 or other obligations 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 20 and 21 of domestic companies
doing the same class of business, unless said companies shall