144 LAWS OF MARYLAND. [CH. 121

222. Deposits Required. No company licensed tinder the
provisions of this sub-title shall at any time offer, negotiate,
or sell contracts in the State of Maryland, unless and until
such company shall have assigned to and deposited with the
Treasurer of the State of Maryland or with some independent
bank or trust company approved by the Insurance Com-
missioner, in trust, as security for all the holders of contracts
or other obligations heretofore or hereafter sold, negotiated,
issued or accrued in said company in the State of Mary-
land, bonds, coin or treasury notes of the United States of
America, or interest or dividend paying 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 and not in de-
fault, or other securities approved by the Commissioner, hav-
ing a market value of not less than $25, 000, and at no time less
than the aggregate contract liability of the company under all
contracts heretofore or hereafter sold in the State of Mary-
land; provided, however, that all such securities shall have been
approved in writing by the Insurance Commissioner before the
same are deposited with the Treasurer of the State of Mary-
land or with such independent bank or trust company, and
further provided that in the case of a non-resident company
which shall annually produce a certificate of the insurance
commissioner or other proper financial officer of the State in
which such company is organized, setting forth that such com-
pany has deposited with him securities having a market value
of not less than $25, 000 and not less than the aggregate con-
tract liability of the company to the holders of all contracts
or other obligations heretofore or hereafter sold, negotiated,
issued or accrued by said company in the United States, and
that he holds said deposit in trust and on deposit, under and
by the laws of the State in which he resides for the benefit
of all the contract holders of such company in the United
States, and that he is satisfied that the securities so deposited
by such company and held by him are worth not less than
$25, 000 and not less than the aggregate contract liability of
the company to the holders of all contracts or other obliga-
tions heretofore or hereafter sold, negotiated, issued or ac-
crued by said company in the United States, then in such case
such company shall be excused from making the deposit here-
inbefore required. When the value of said securities shall
depreciate so that the market value of the deposit shall be less
than hereinbefore required, additional securities shall be de-
posited in order that the deposit shall at all times be main-
tained in the amount of not less than that hereinbefore re-
quired.