626                             LAWS OF MARYLAND                     [CH. 181

missioner, and that the rates charged, or proposed to be charged,
for each form of such contract are fair and reasonable;

(4)   That no contributions to the funds of the corporation for
working capital are repayable by the corporation except out of the
earned premiums over and above operating expenses, payments to
participating hospitals, physicians, chiropodists, pharmacists, den-
tists or optometrists and such reserve as the Insurance Commis-
sioner may deem adequate;

(5)  That the amount of money actually received by the applicant
upon the term specified in paragraph (4) hereof for working capital
is sufficient to carry all acquisition costs and operating expenses for
a period of at least three months from the date of the issuance of
the certificate of authority or license, but in no case to be less than
ten thousand dollars ($10,000) [.] , provided, however, that any
corporation seeking an initial certificate of authority under this sub-
title after July 1, 1969, shall have working capital of at least
$100,000.

355.

(d) Any corporation authorized to issue contracts under the pro-
visions of this subtitle shall at all times maintain unencumbered
assets in the amount of $25,000 in excess of liabilities, provided,
however, that any corporation which received its authorization under
this subtitle prior to July 1, 1969, shall be exempt from the require-
ments of this subsection until July 1, 1971, and, provided further,
that the Insurance Commissioner may, upon petition, extend this
exemption period once, for one year, if he is satisfied that the peti-
tioning corporation will be able to meet the requirements of this
subsection within the period of the one year extension.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved April 23, 1969.

CHAPTER 181
(Senate Bill 246)

AN ACT to repeal and re-enact, with amendments, Section 171 (b)
of Article 48A of the Annotated Code of Maryland (1968 Replace-
ment Volume), title "Insurance Code," subtitle "Agents and
Brokers," to make it clear that nonresident agents and brokers
are subject to the same terms and fees as invoked by their state
of residence on Maryland agents or brokers transacting similar
business.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 171 (b) of Article 48A of the Annotated Code of Mary-
land (1968 Replacement Volume), title "Insurance Code," subtitle
"Agents and Brokers," be and it is hereby repealed and re-enacted,
with amendments, to read as follows: