HARRY HUGHES, Governor

2287

[1.] (1) Cash;

(2)     AN IRREVOCABLE LETTER OF CREDIT ISSUED BY A

BANK DOMICILED IN THIS STATE WHICH MAY BE TERMINATED ONLY

UPON 30 DAYS WRITTEN NOTICE BY CERTIFIED MAIL TO THE
COMMISSIONER;

[2.] (3) General obligations of, or obligations
guaranteed by, the federal government, this State or any of
its political subdivisions. These obligations shall be
valued at the lower of market value or par value; or

[3.] (4) Any other type of security that would be
acceptable if posted by a domestic or foreign insurer.

(C) IN ORDER TO QUALIFY IN ACCORDANCE WITH SUBSECTION
(B) OF THIS SECTION, THE UNAUTHORIZED INSURER WHS-AGREES-?©

SHALL:

(1)  FILE ANNUAL STATEMENTS WITH THE COMMISSIONER
IN ACCORDANCE WITH § 58 OF THIS ARTICLE;

(2)  MAINTAIN RESERVES ON ITS LIFE AND HEALTH
INSURANCE BUSINESS IN ACCORDANCE WITH §§ 79 AND 83 OF THIS
ARTICLE;

(3)  ADHERE TO THE REQUIREMENTS OF SUBTITLES 5
AND 6 OF THIS ARTICLE WITH REGARD TO VALUING ITS ASSETS AND
LIABILITIES; AND

(4)  PERMIT EXAMINATION BY THE COMMISSIONER IN
ACCORDANCE WITH §§ 30 TO 34, INCLUSIVE, OF THIS ARTICLE MAY
NOT BE AN UNAUTHORIZED INSURER.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 19, 1981.

CHAPTER 558

(Senate Bill 682)

AN ACT concerning

Home Improvement Commission - Promotional Gifts

FOR the purpose of increasing the maximum value of certain
gifts allowed to be given by a contractor or salesman;
and clarifying language.

BY repealing and reenacting, with amendments,