J. MILLARD TAWES, Governor                       1041

123.    Authority to Execute Trust Agreement.

An alien insurer using or proposing to use Maryland as a state of
entry to transact insurance business in the United States, whether or
not it is then authorized to transact insurance business in this State,
is authorized to make and execute any trust agreement required by
this subtitle.

124.    Amendment of Trust Agreement.

A trust agreement may be amended, but the amendment shall not
be effective until filed with and approved in writing by the Com-
missioner as being in compliance with this subtitle.

125.    Withdrawal of Approval.

The Commissioner's approval of any trust agreement or of any
amendment thereof may be withdrawn by the Commissioner if he
finds upon hearing, after notice thereof to the insurer and the trustee
or trustees, that the requisites for such approval, as provided in this
subtitle, no longer exist.

126.    Title to Trusteed Assets.

Title to the trusteed assets is vested in the trustee or trustees and
their successors for the purposes of the trust deposit, and the trust
agreement shall so provide.

127.    Assets Kept Separate.

The trustee shall keep the trusteed assets separate from other
assets and shall maintain a record thereof sufficient to identify the
trusteed assets at all times.

128.    Statement of Trustee.

(1)   The trustee of the trusteed assets shall, from time to time, file
with the Commissioner statements, in such form as he may designate
and request in writing, certifying the character of such assets and
the amounts thereof.

(2)   If the trustee fails to file any such statement after request
therefor and expiration of a reasonable time thereafter, the Com-
missioner may suspend or revoke the certificate of authority of the
insurer.

129.    Examination of Assets.

The Commissioner may examine the trusteed assets of any insurer
at any time in accordance with the same conditions and procedures
as govern the examination of insurers in general under subtitle 2 of
this article.

130.    Withdrawal of Assets.

(1) The trust agreement shall provide, in substance, that no with-
drawals of trusteed assets shall be made by the insurer or permitted
by the trustee without the written authorization or approval of the
Commissioner in advance thereof, except as follows:

(i) Any or all income, earnings, dividends or interest accumula-