1118                           LAWS OF MARYLAND                      [CH. 553

(b)   Such an insurer shall hold bona fide applications for insur-
ance upon which it shall issue simultaneously, or it shall have in
force, at least twenty policies to at least twenty members for the
same kind of insurance, upon not less than two hundred separate
risks, each within the maximum single risk described herein.

(c)   For the purpose of transacting workmen's compensation and
employer's liability insurance, the application shall cover not less
than two thousand employees, each such employee being considered
a separate risk for determining the maximum single risk.

(d)   The "maximum single risk" shall not exceed twenty per cent
of the admitted assets, or three times the average risk, or one per
cent of the insurance in force, whichever is the greatest, any author-
ized reinsurance taking effect simultaneously with the policy being
deducted in determining such maximum single risk.

(e)  Such an insurer shall have collected an annual cash premium,
or a full premium for the term for which the policy is written, if for
less than a year, upon each application required for organization,
the total of which premiums shall be held in cash or authorized
capital and reserve investments under subtitle 7, and the total assets,
excluding any borrowed money or other borrowed assets, other than
borrowed surplus under section 266, shall (1) in case of insurers
writing fire, marine, sprinkler leakage or other water damage, light-
ning, hail, windstorm, smoke or smudge damage, automobile, fire,
theft or property damage, burglary, theft or inland marine insurance,
either singly or any or all of said classes of insurance combined, be
equal to not less than twice the maximum single risk assumed subject
to one fire or to one loss, nor less than twenty-five thousand dollars
($25,000); or (2) in case of insurers writing surety, workmen's com-
pensation, or automobile liability insurance (other than taxicab
liability, or long haul truck liability, or public liability insurance), be
equal to not less than five times the maximum single risk assumed,
nor less than one hundred and fifty thousand dollars ($150,000), and
exceed the amount required for reserves and all other liabilities by
not less than fifty thousand dollars ($50,000); (3) in case of insurers
writing taxicab liability insurance, or long haul truck liability insur-
ance, be equal to not less than ten times the maximum single risk
assumed, nor less than two hundred and fifty thousand dollars ($250,-
000), and exceed the amount required for reserves and other liabil-
ities by not less than fifty thousand dollars ($50,000); provided,
however, that insurers authorized under the provisions of this sub-
division (3) prior to June 1, 1945, shall not be required to have
assets in excess of one hundred and fifty thousand dollars ($150,-
000); and (4) in case of insurers writing any other classes of insur-
ance, the assets must be equal to not less than twice the maxi-
mum single risk assumed, but not less than fifty thousand dollars
($50,000).

(f)   In lieu of complying with the provisions of subsections (b)
and (e) of this section, an insurer may hold a surplus equal to the
capital stock and surplus required of a stock insurer transacting the
same kinds of insurance business.

(g)   Any insurer engaging in or proposing to engage in the busi-
ness of motor vehicle liability, general public liability, workmen's
compensation or surety insurance shall comply with the deposit re-
quirements of section 50.