476                              LAWS OF MARYLAND                       [CH. 225

insurance business unless it has surplus assets or funds in an amount
equal to not less than one hundred and fifty per cent of such minimum
capital stock.

(2)   For purposes of this article and for authority to continue in
the insurance business, in addition to the MINIMUM capital stock
required by Section 48, every insurer COMMENCING BUSINESS
IN THIS STATE ON OR AFTER JULY 1, 1966, must maintain
surplus assets or funds in an amount of not less than [one-half] one
hundred per cent of such minimum capital stock.

(3)   FOR PURPOSES OF THIS ARTICLE AND FOR AUTHOR-
ITY TO CONTINUE IN THE INSURANCE BUSINESS, IN ADDI-
TION TO THE MINIMUM CAPITAL STOCK REQUIRED BY
SECTION 48, EVERY INSURER COMMENCING BUSINESS IN
THIS STATE PRIOR TO JULY 1, 1966, MUST MAINTAIN SUR-
PLUS ASSETS OR FUNDS IN AN AMOUNT OF NOT LESS
THAN FIFTY PER CENT OF SUCH MINIMUM CAPITAL
STOCK, PROVIDED THAT IF SUCH INSURER IS LICENSED
FOR THE SALE OF VEHICLE LIABILITY INSURANCE

(whether or not it is also licensed for other
lines of insurance) it shall also be governed by
subsection (4) hereof.

(4) for purposes of this article and for author-
ity to continue in the insurance business, every
insurer commencing business in this state prior
to july 1, 1966, which is licensed for the sale of
vehicle liability insurance must maintain sur-
plus assets or funds, in addition to those re-
quired by subsection (3) hereof, of not less than
the following additional amounts:

between december 31, 1966 and
december 30, 1968..............................................................................$ 75,000.00

between december 31, 1968 and
december 30, 1970.............................................................................. 150,000.00

between december 31, 1970 and
december 30, 1972.......................................................................... 200,000.00

between december 31, 1972 and
December 30, 1973..............................................................................250,000.00

on and after december 31, 1973............................... 300,000.00

provided, however, in no case shall the addi-
tional amount required by this subsection (4) to-
gether with the amount of surplus required
under subsection (3) exceed the amount of sur-
plus required of an insurer licensed on or after
july 1, 1966, to transact the same kinds of insur-
ance business.

Sec. 2. And be it further enacted, That EXCEPT AS TO THE
AMOUNTS SPECIFICALLY PROVIDED FOR IN SUBSECTION
(4) OF SECTION 49 OF ARTICLE 48A, nothing in this Act shall
be construed or applied to affect in any manner the provisions of
Section 5 of Chapter 553 of the Acts of 1963r IN REGARD TO ANY