612 LAWS OF MARYLAND. [CH. 561

(2) The term "premiums" includes the consideration for
surety, guaranty and annuity contracts, dividends on life
insurance policies which have been applied to purchase ad-
ditional insurance or to shorten the premium paying period,
and so much of the gross receipts, of title insurance companies
as is derived from the business of insurance or guaranty, but
shall not include premiums on policies covering weekly dis-
ability benefits on which premiums are payable weekly.

(3) The term "policy" includes insurance, surety, guaranty
and annuity contracts.

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

Approved April 5, 1945.

CHAPTER 561.
(House Bill 235)

AN ACT to repeal and re-enact, with amendments, Sub-para-
graph (g) of Sub-section (1) of Section 25 of Article 48A
of the Annotated Code of Maryland (1939 Edition), as en-
acted by Chapter 692 of the Acts of 1943, title "Insurance",
sub-title "General Provisions", sub-heading "Investments
—Life", relating to investment of capital, surplus and other
funds of life insurance companies, in mortgages.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sub-paragraph (g) of Sub-section (1) of Section 25
of Article 48A of the Annotated Code of Maryland (1939 Edi-
tion), as enacted by Chapter 692 of the Acts of 1943, title
"Insurance", sub-title "General Provisions", sub-heading "In-
vestments—Life", be and the same is hereby repealed and re-
enacted, with amendments, to read as follows:

25. (1) (g) Loans secured by first mortgages, or deeds of
trust, on unencumbered fee simple or improved leasehold real
estate in the District of Columbia or in any State of the
United States of America, to an amount not exceeding 66 2/3%
of the fair market value of such fee simple or improved lease-
hold real estate. Whenever such loans are made upon fee sim-
ple, or improved leasehold real estate which is improved by
a building or buildings, the said improvements shall be in-
sured against loss by fire, and the fire insurance policies shall
contain the New York or Massachusetts standard mortgage