992                              Laws of Maryland                       Ch. 419

that will include a writedown of the cost of such property, exclud-
ing land cost but including all improvements or development costs,
at a rate that will average not less than two percent per annum of
such cost for each year or part thereof that the property has been
so held, and be it further provided that the admitted values of such
properties shall not exceed their depreciated values.

The entire reserves of a domestic life insurance company, as used
in this section, shall be the sum of:

Net present value of all outstanding policies in force (less rein-
surance); reserves for accidental death benefits and total and per-
manent disability benefits (less reinsurance); present value of sup-
plementary contracts and including dividends left with the Com-
pany to accumulate at interest; liability on policies cancelled and not
included in "net reserve" upon which a surrender value may be
demanded, and policy claims and .losses outstanding; any additional
reserves which may be reasonably required by the Commissioner on
account of such insurance; less amount of net uncollected and de-
ferred premiums.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved April 28, 1970

CHAPTER 419
(Senate Bill 270)

AN ACT to repeal and re-enact, with amendments, Section 365 of
Article 48A of the Annotated Code of Maryland (1968 Replace-
ment Volume), title "Insurance Code," subtitle "Insurance Con-
tracts Generally," to modify the definition of the word "assess-
ments," and make it inapplicable to assessments imposed during
delinquency proceedings or pursuant to legislation protecting
claimants against uninsured motorists, insolvent insurers, and
legislation in reference to property insurance availability.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 365 of Article 48A of the Annotated Code of Mary-
land (1968 Replacement Volume), title "Insurance Code," subtitle
"Insurance Contracts Generally," be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

365. "Premium" Defined.

(a)  "Premium" is the consideration for insurance, by whatever
name called. Any "assessment," or any "membership," "policy,"
"survey," "inspection," "service" or similar fee or charge in con-
sideration for an insurance contract is deemed part of the premium.

(b)  An "assessment" as defined in sections 162, 163, and 164,
or made pursuant to the provisions of the Unsatisfied Claim and
Judgment Fund law or any law providing for insolvency protec-
tion or insurance availability, such as though not limited to the