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Session Laws, 1971
Volume 707, Page 421   View pdf image
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Marvin Mandel, Governor                         421

(i)    The cost of each parcel of real or leasehold property so
acquired under the authority of this subsection, including the cost
to the insurer of the improvement or development thereof, when
added to the book value of all other real or leasehold property then
held by it pursuant to this subsection, shall not exceed five per cent
of its admitted assets and when added to the value of all real estate
however acquired or held for investment, including home office and
branch office properties, shall not exceed 20% of the insurer's total
admitted assets; and

(ii) The cost of each parcel of real or leasehold property so
acquired under the authority of this subsection, including the cost to
the insurer of the improvement or development thereof, shall not
exceed one percent of the insurer's admitted assets. Except as other-
wise required by the Commissioner, each parcel [or] of real or
leasehold property held by an insurer under this section shall be
valued on its books as of the 31st day of December of each year at an
amount that will include a write-down of the cost of such property,
excluding 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 perm-
anent disability benefits (less reinsurance); present value of supple-
mentary contracts and including dividends left with the company to
accumulate at interest; liability on policies cancelled and not in-
cluded 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 deferred
premiums.

243.

(n)(l) Any person, firm or Maryland corporation unable to ob-
tain automobile and motor vehicle insurance through ordinary meth-
ods shall be eligible for insurance through insurers participating in
the Maryland automobile insurance plan. The plan shall afford ap-
plicants insurance for bodily and property damage liability sufficient
to satisfy the financial responsibility requirements of Article 66
of this Code. Further, the plan shall afford private passenger auto-
mobiles owned by an individual or individual and spouse with medical
payments, fire, theft and collision coverages, to such extent that an
applicant will be afforded insurance sufficient to cover the insurable
interest in a private passenger automobile (less any deductible
provision).

(2)    Agreements may be made among insurers with respect to
the equitable apportionment among them of insurance which may be
afforded applicants who are unable to procure such insurance through
ordinary methods, and such insurers may agree among themselves on
the use of reasonable rate modifications for such insurance, equitable
apportionment shall include any and all appropriate voluntary plans

 

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Session Laws, 1971
Volume 707, Page 421   View pdf image
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