342 LAWS OF MARYLAND. [CH. 317

premiums shall be held in cash or in securities in which insur-
ance companies are authorized to invest, and the total assets,
excluding any borrowed money or other borrowed assets,
shall (1) in case of companies writing fire, marine, sprinkler
leakage or other water damage, lightning, hail, windstorm,
smoke or smudge damage, 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 thou-
sand dollars ($10, 000); (2) in case of companies writing
fidelity or surety bonds, or workmen's compensation, or auto-
mobile liability (other than taxicab liability, or long haul
truck liability), or public liability insurance, be equal to not
less than five times the maximum single risk assumed, nor less
than one hundred and fifty thousand dollars (f 150, 000), and
exceed the amount required for legal reserves and all other
liabilities by riot less than fifty thousand dollars (f50, 000);
(3) in case of companies writing taxi-cab liability insurance,
or long haul truck liability insurance, be equal to not
less than ten times the maximum single risk assumed, nor less
than two hundred and fifty thousand dollars ($250, 000), and
exceed the amount required for legal reserves and all other
liabilities by not less than fifty thousand dollars (f50, 000);
provided, however, that companies licensed in this State under
the provisions of sub-division (3) of this section, prior to the
effective date of this Act, shall not be required to have assets
in excess of one hundred and fifty thousand dollars ($150, 000);
and (4) in case of companies writing all other classes of in-
surance, be equal to not less than twice the maximum single
risk assumed, nor 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 insurance com-
pany effecting the same kinds of insurance.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1943.

Approved April 30, 1943.

CHAPTER 317.
(House Bill 138)

AN ACT to authorize the Mayor and Council of Pocomoke
City, a municipal corporation of the State of Maryland,