WILLIAM DONALD SCHAEFER, Governor                      Ch. 11

directly or indirectly by or for the benefit of one or more
officers or directors of such insurer.

(6)  Foreign investments, meaning stocks or shares,
bonds or obligations of any person or governmental or business
unit of or in a foreign country or any subdivision thereof,
except such as conform substantially with the limitations imposed
by this section upon like domestic investments; but the aggregate
amount of foreign investments held by such insurer under this
paragraph and under § 104 (9) of this [article] SUBTITLE shall
not exceed ten percent of its total admitted assets or one and
one-half times the amount of its reserves and other obligations
under such contracts or the amount necessary to enable it to
transact insurance business in such foreign country, directly or
through a subsidiary corporation, whichever shall be greater.

(7)  Any investment which is found by the Commissioner
to be against public policy or designed to evade any prohibition
of this section.

DRAFTER'S NOTE: This corrects stylistic errors in
cross-references in Article 48A, § 106.

The stylistic errors occurred in Ch. 553 of the Acts
of 1963 and Ch. 255 of the Acts of 1984.

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

110.

(1)  All such deposits required for authority to engage in
the insurance business in Maryland shall consist of cash or any
combination of the government obligations described in
[subsections 95(1) or 102(1), (2), or (3)] § 95(1) OR § 102(1), §
102(2), OR § 102(3) OF THIS SUBTITLE as may be approved by the
State Treasurer, in his discretion.

(2)  All such deposits required pursuant to the laws of
another state, province, or country, or pursuant to the
retaliatory provision, § 61 OF THIS ARTICLE, shall consist of
such assets as are required by [§ 110(1) above] SUBSECTION (1) OF
THIS SECTION, as may be approved by the State Treasurer, in his
discretion.

DRAFTER'S NOTE: This corrects stylistic errors in
cross-references and in an internal reference in
Article 48A, § 110.

The stylistic errors in the cross-references occurred
in Ch. 553 of the Acts of 1963. The stylistic error

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