744 LAWS OF MARYLAND. [CH. 441

(d) the class or classes of insurance which such Lloyds pro-
poses to transact and the kinds of insurance in each class
which it proposes to write;

(e) such other provisions not inconsistent with law which
may be deemed by the attorney-in-fact or the underwriters to
be necessary or advisable.

103F. Documents to be Delivered to Commissioner. Upon
the execution of the declaration by the attorney-in-fact for a
domestic Lloyds, there shall be delivered to the Commissioner:

(a) duplicate originals of the declaration;

(b) a copy of the power of attorney of the attorney-in-fact;

(c) an instrument authorizing the service of process on the
Commissioner as provided in Section 103P;

(d) all the forms of insurance policies or contracts pro-
posed to be used by it and the forms of application therefor.

103G. Authority to Solicit Underwriters. Upon the ap-
proval of the declaration by the Commissioner, he shall issue
to the attorney-in-fact a permit which shall expire at the end
of one year from its date, authorizing the attorney-in-fact to
solicit deposits of underwriters in accordance with this sub-
title and in accordance with the power of attorney filed with
the Commissioner, and to do such other acts as may be neces-
sary or proper in order to complete the organization of such
Lloyds and to entitle it to receive a certificate of authority to
transact an insurance business,

103H. Issuance of Certificate of Authority. When the
Commissioner has been notified that the underwriters have de-
posited a sum not less than the minimum admitted assets re-
quired by Section 103K, he shall conduct an examination of
such Lloyds. If he finds that the organization has been com-
pleted and that all other requirements of this sub-title have
been met, he shall issue to such Lloyds a certificate of author-
ity to transact the kind or kinds of business specified in the
declaration.

103-1. Deposit Required of. Underwriters. Each under-
writer of a domestic Lloyd's shall make a deposit of cash or
securities, or both, in an amount not less than one hundred
and twenty per centum of each unit of his underwriting par-
ticipation, in trust with a responsible bank or trust company
in this State to indemnify policy-holders against loss which
deposit shall be maintained in an amount not less than 100 per
centum of each unit of underwriting participation. The
market value of the securities deposited as of the first day of
any quarter-annual period shall be used as the basis for valu-
ing the underwriter's securities. Securities so deposited shall