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Session Laws, 1963
Volume 671, Page 1036   View pdf image (33K)
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1038                           LAWS OF MARYLAND                      [CH. 553

prerequisite for authority to engage in the insurance business in such
state, province, or country.

(3) Deposits in such additional amounts as. are permitted to be
made by section 113 of this article.

(b) Deposits of securities may SHALL be registered in the name
of the State Treasurer of Maryland as such trustee.

109.    Purpose of Deposit.

Such deposits shall be held for purposes as follows:

(1)   Deposits made in this State under section 50 of this article
shall be held for the purpose stated in said section.

(2)   A deposit made in this State by a domestic insurer doing an
insurance business in another state, province, or country, and as re-
quired by the laws of such other state, province, or country, shall be
held for the protection of all the insurer's policyholders or all its
policyholders and creditors or for such other purpose or purposes as
may be specified pursuant to such laws.

(3)   Deposits required pursuant to the retaliatory law, section 61,
shall be held for such purposes as is required by such law, and as
specified by the Commissioner's order requiring such deposit to be

110.    Assets Eligible for Deposit.

(1)   All such deposits required for authority to engage in the insur-
ance business in Maryland shall consist of cash or any combination
of the government obligations described in subsections 95 (1) or 102
(1), (2), or (3).

(2)   All such deposits required pursuant to the laws of another
state, province, or country, or pursuant to the retaliatory provision,
section 61, shall consist of such assets as are required or permitted
by such laws, or as required pursuant to such retaliatory provision.

111.    Trust Companies as Depositories; State of Maryland

(1)   Upon request of the insurer, the State Treasurer with the con-
sent of the Commissioner may designate any solvent trust company
or other solvent financial institution having trust powers domiciled
in this State as the treasurer's depository to receive and hold any
such deposit. Any such deposit so held shall be at the expense of the

(2)   The State of Maryland shall be responsible for the safekeeping
and return of all funds and securities deposited pursuant to this sec-
tion with the State Treasurer, or in any depository so designated by


112.    Rights of Insurer During Solvency.

So long as the insurer remains solvent and complies with this ar-
ticle it may:

(1) Demand, receive, sue for and recover the income from the
securities or cash deposited;


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Session Laws, 1963
Volume 671, Page 1036   View pdf image (33K)
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