1042                           LAWS OF MARYLAND                       [CH. 553

tions of the trusteed assets may be paid over to the United States
manager of the insurer upon request of the insurer or the manager.

(ii) For substitution, coincidentally with such withdrawal, of
other securities or assets of value at least equal in amount to those
being withdrawn, if such substituted securities or assets are like-
wise such as are eligible for investment of the funds of domestic in-
surers under subtitle 6 or 7 of this article, if such withdrawal is
requested in writing by the insurer's United States manager pursuant
to general or specific written authority previously given or delegated
by the insurer's board of directors or other similar governing body,
and a copy of such authority has been filed with the trustee.

(iii) For the purpose of making deposits required by law in any
state in which the insurer is or thereafter becomes an authorized in-
surer, for the protection of the insurer's policyholders or policyhold-
ers and creditors in such state or in the United States, if such with-
drawal does not reduce the insurer's deposit in this State to an amount
less than the minimum deposit required under section 50(2) of this
article. The trustee shall transfer any assets so withdrawn and in
the amount so required to be deposited in the other state direct to the
depository required to receive such deposit in such other state, as
certified in writing by the public official having supervision of insur-
ance business in the other state.

(iv) For the purpose of transferring the trusteed assets to an of-
ficial liquidator, conservator or rehabilitator pursuant to the order
of a court of competent jurisdiction.

(2)   The Commissioner shall so authorize or approve withdrawal
of only such assets as are in excess of the amount of assets required
to be so held in trust under section 120, or as may otherwise be per-
mitted under the provisions of this subtitle.

(3)   If at any time the insurer becomes insolvent, or if its assets
held in the United States are less in amount than as required under
section 50 (2) of this article, upon determination thereof the Com-
missioner shall in writing order the trustee to suspend the right of
the insurer or any other person to withdraw deposited assets and the
trustee shall comply with such order and until the further order of
the Commissioner.

131.    Substitution of Trustee.

A new trustee or new trustees may be substituted for the original
trustee or trustees of trusteed assets in the event of a vacancy or
for other proper cause. Any such substitution shall be subject to the
Commissioner's approval.

10. REHABILITATION AND LIQUIDATION

132.    Definitions.

For the purpose of this subtitle:

(1) "Impairment" or "insolvency". The capital of a stock insurer
or the surplus of a mutual or reciprocal insurer, shall be deemed to
be impaired and the insurer shall be deemed to be insolvent, when
such insurer is not possessed of assets at least equal to all liabilities
and required reserves together with its total issued and outstanding