146 LAWS OF MARYLAND. [CH. 187

rate risks, each within the maximum single risk described
herein, and each of such risks shall be a resident of, or situ-
ated in, this State.

(b) For the purpose of transacting employer's liability and
workmen's compensation insurance, the application shall cover
not less than two thousand employees, each such employee
being considered a separate risk for determining the maximum
single risk.

(c) The "maximum single risk" shall not exceed twenty per
cent, of the admitted assets, or three times the average risk, or
one per cent, of the insurance in force, whichever is the
greatest, any re-insurance taking effect simultaneously with
the policy being deducted in determining 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 in-
surance 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, wind-
storm, 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 com-
bined, 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); (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 ($150, 000), and
exceed the amount required for legal reserves and all other
liability by not less than fifty thousand dollars ($50, 000); (3)
in case of companies writing taxicab 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 ($50, 000); provided, how-
ever, that companies licensed in this State under the provisions
of Sub-division (3) of this section, prior to June 1, 1945,
shall not be required to have assets in excess of one hun-
dred and fifty thousand dollars ($150, 000); and (4) in case of
companies writing all other classes of insurance, 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