WILLIAM DONALD SCHAEFER, Governor                     Ch. 11

SUBSECTION (2)(II) of this section construed so as to include as
a fixed charge the amounts of guaranteed dividends of such issue
or the rental covering the guarantee of such dividends.

DRAFTER'S NOTE: This corrects stylistic errors in internal
references in Article 48A, § 104(3).

The stylistic errors occurred in Ch. 553 of the Acts
of 1963.

The stylistic errors were noted by the Michie Company
and by the professional staff of the Legislative
Division of the Department of Legislative Reference.

(9) (ii) Any insurer which is authorized to do
business in a foreign country or possession of the United States
or which has outstanding insurance or reinsurance contracts on
risks located in a foreign country or possession of the United
States, may invest in, or otherwise acquire or loan upon
securities and investments in such foreign country or possession
which are substantially of the same kinds, classes and investment
grades as those eligible for investment under this subtitle; but
the aggregate amount of such investments in a foreign country or
a possession of the United States and of cash in the currency of
such country or possession which is at any time held by such
insurer shall not, except as provided in [the next preceding]
paragraph (i) OF THIS SUBSECTION, exceed one and one-half times
the amount of its reserves and other obligations under such
contracts or the amount which such insurer is required by law to
invest in such country or possession, whichever shall be greater.

DRAFTER'S NOTE: This corrects a stylistic error in an
internal reference in Article 48A, § 104(9)(ii).

The stylistic error occurred in Ch. 553 of the Acts of
1963.

The stylistic error was noted by the Michie Company.

105.

After satisfying the requirements for minimum capital and
reserve investments, as required in §§ 102 and 103 OF THIS
SUBTITLE, an insurer may invest any portion of the remainder of
its funds in, or otherwise acquire or loan, any of the classes of
investments eligible under § 104 OF THIS SUBTITLE and, in
addition, in such other investments as are not prohibited by the
provisions of this subtitle.

DRAFTER'S NOTE: This corrects stylistic errors in
cross-references in Article 48A, § 105.

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