clear space clear space clear space white space
 r c h i v e s   o f   M a r y l a n d   O n l i n e
  Maryland State Archives | Index | Help | Search search for:
clear space
white space
Session Laws, 1963
Volume 671, Page 1035   View pdf image (33K)
 Jump to  
clear space clear space clear space white space

J. MILLARD TAWES, Governor                     1037

a corporation organized exclusively to hold and operate real estate
acquired by such insurer in accordance with and subject to the pro-
visions of section 104, nor an investment in the stock of another
insurer nor an investment in stocks, bonds or other securities of
any corporation which is engaged exclusively in a kind of business
properly incidental to the insurance business of such insurer, includ-
ing an investment in securities of any corporation engaged in the
financing of insurance premiums, or in such incidental business and
the business of holding and operating real estate.

(5)   Stocks, bonds or other securities issued by a corporation,
other than an insurer, having more than twenty per cent of its assets
invested in stocks of insurers directly or indirectly including pro-
portionate equities or interest in stocks of insurers held through any
intermediate subsidiary or subsidiaries of such issuing corporation.

(6)   Stocks, bonds or other securities issued by a corporation,
other than an insurer; if a majority of the stock having voting
powers of such issuing corporation is owned directly or indirectly
by or for the benefit of one or more officers or directors of such

(7)   Foreign investments, meaning stocks or shares, bonds or obli-
gations of any person or governmental or business unit of or in a
foreign country or any subdivision thereof, except such as conform
substantially with the limitations imposed by this section upon like
domestic investments; but the aggregate amount of foreign invest-
ments held by such insurer under this subsection and under Section
104 (9) shall not exceed ten per cent of its total admitted assets or one
and one-half times the amount of its reserves and other obligations
under such contracts or the amount necessary to enable it to transact
insurance business in such foreign country, directly or through a sub-
sidiary corporation, whichever shall be greater.

(8)   Any investment which is found by the Commissioner to be
against public policy or designed to evade any prohibition of this

107.    Disposal or Reduction of Investments Unlawfully Acquired.

Every insurer shall dispose of any investments acquired in viola-
tion of the law in force at the date of such acquisition, and in any
determination of the financial condition of any such insurer, the
amount of the value of such investments, if wholly ineligible, or the
amount of the value thereof in excess of any limitation prescribed
by this subtitle, shall be deducted as a nonadmitted asset of such


108.    Deposits of Insurers.

(a) The State Treasurer of Maryland shall accept and hold in trust,
when made through the Commissioner, deposits of securities or funds
by insurers as follows:

(1)   Deposits required for a certificate of authority to engage in
the insurance business in Maryland.

(2)   Deposits of domestic, foreign, or alien insurers when made
pursuant to the laws of other states, provinces, and countries as


clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
Session Laws, 1963
Volume 671, Page 1035   View pdf image (33K)
 Jump to  

This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.

Tell Us What You Think About the Maryland State Archives Website!

An Archives of Maryland electronic publication.
For information contact

©Copyright  August 01, 2018
Maryland State Archives