358 LAWS OF MARYLAND. [CH. 148

whichever is the greatest, any reinsurance taking effect
simultaneously with the policy being deducted in determin-
ing such maximum single risk.

(d) It shall have collected an annual cash
premium upon each application required for organization,
the total of which premiums shall be held in cash or in
securities in which insurance companies are authorized
to invest, and the total assets shall (1) in case of compa-
nies writing fire, marine, sprinkler leakage or other water
damage, lightning, hail, windstorm, smoke or smudge dam-
age, automobile fire, theft or property damage, burglary,
theft or inland marine insurance, either singly or any or
all of said classes of insurance combined, be equal to not less
than twice the maximum single risk assumed subject to one
fire or to one loss, nor less than ten thousand dollars
($10, 000); and (2) in case of companies writing
fidelity or surety bonds, or workmen's compensation, or
automobile or public liability insurance, be equal to not
less than five times the maximum single risk assumed, nor
less than one hundred thousand dollars ($100, 000); and
(3) in case of companies writing all other classes of insur-
ance, be equal to not less than twice the maximum single
risk assumed, not less than ten thousand dollars ($10, 000);
or, in lieu of complying with this sub-section and with sub-
section (a) of this section, it shall hold a surplus equal
to the capital stock and surplus required of a stock insur-
ance company affecting the same kinds of insurance.

SEC. 2. And be it further enacted, That this Act shall
take effect on June 1, 1935.

Approved: May 17, 1935. •

CHAPTER 148.

AN ACT to repeal and re-enact, with amendments, Section
39 of Article 48A of the Code of Public General Laws of
Maryland, title "Insurance, " sub-title "General Provis-
ions, " as enacted by Chapter 547 of the Acts of 1922
relating to the reporting and payment of taxes on prem-
iums and providing penalties for delinquency.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 39 of Article 48A of the Code of
Public General Laws of Maryland, title "Insurance, " sub-