598 LAWS OF MARYLAND. [CH. 554

after Section 171A and to be known as Section 171B, and
to read as follows:

171B. (Deposit of Securities. ) Every attorney duly au-
thorized and acting for each domestic Reciprocal Exchange or
Inter-Insurer hereafter organized and having authority to
exchange reciprocal or inter-insurance contracts covering auto-
mobile liability, general public liability, or compensation in-
surance, or fidelity or surety bonds, shall, before being entitled
to transact any such business or exchange any such contracts,
assign to and deposit with the Treasurer of the State of
Maryland, in trust, as security for all the holders of policies
of said Reciprocals or Inter-Insurers, bonds, coin, or treas-
ury notes of the United States of America, bonds of the State
of Maryland or of any county or municipal corporation of
this State, or of the Home Owners Loan Corporation, a cor-
poration created under an Act of the Congress of the United
States, approved June 13, 1933, ground rents, first mortgages
and/or interest-paying bonds secured by first mortgage on
unencumbered real estate situated in this State, such mort-
gages not to exceed sixty-six and two-thirds per cent.
(66 2/3%) of the fair market value of such real estate, and not
in default, having a market value of not less than one hundred
thousand dollars ($100, 000. 00).

Every attorney duly authorized and acting for each for-
eign and alien Reciprocal or Inter-Insurer hereafter applying
for admission into this State and having authority to exchange
reciprocal or inter-insurance contracts covering automobile
liability, general public liability, or compensation insurance,
or fidelity or surety bonds, shall, before being entitled to re-
ceive a license to transact any such business or exchange any
such contracts in this State, have no deposit with some proper.
official of the State where incorporated or organized, or in
some other State of the United States, in trust as security for
all the holders of policies of said Reciprocal or Inter-Insurer,
coin, notes or securities authorized by the laws of the State
where incorporated or organized, and approved by the proper
officials thereof having authority therefor, in an amount not
less than that required by the laws of this State to be deposited
with the Treasurer of Maryland by domestic Reciprocals or
Inter-Insurers, doing the same class or classes of business or
exchanging the same class or classes of contracts, and furnish
this Department with a certificate to this effect, and such cer-
tificate shall be renewed annually.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1945.

Approved April 5, 1945.