Ch. 394

LAWS OF MARYLAND

(4)  In case of an insurer formed under the laws of Canada
or a province thereof, its domicile shall be deemed to be that
province in which its head office is situated.

(5)  Unless the Department of Licensing and Regulation and
the Central Collection Unit of the Department of Budget and
Fiscal Planning agree otherwise, the Department of Licensing and
Regulation may not refer to the Unit any action to recover money
under this section.

95.

(1) Before investing in other classes or types of
investment a life insurer shall invest, and shall thereafter
maintain invested, funds in not less an amount than the minimum
paid-in capital stock required under this article for authority
to engage in the life insurance business only in cash and
securities of the following classes:

(i) Bonds or other evidences of indebtedness of the
United States of America or of any of its agencies when such
obligations are guaranteed as to principal and interest by the
United States of America.

(ii) Bonds, or stocks or other evidences of
indebtedness which are direct obligations of the State of
Maryland or of any county, district or municipality thereof.

(iii) Bonds or other evidences of indebtedness which
are direct obligations of any state of the United States.

102.

Before investing any of its funds in any other classes of
securities or types of investments, every insurer shall, to the
extent of an amount equal in value to the minimum capital stock
and surplus required of a domestic stock insurer authorized to
transact the same kind or kinds of insurance business, invest its
funds only in securities of the classes described in this
section. Investments equal in value to such an amount and of the
types hereinafter prescribed in this section shall at all times
be maintained free and clear from any lien or pledge other than
as impressed upon a deposit with any government within the United
States or upon trusteed assets held in trust for the security of
all its policyholders and creditors. Minimum capital investments
of such an insurer shall consist of the following classes of
securities and not less than sixty percent of the total amount of
the required minimum capital investments shall consist of the
classes specified in paragraphs (1) and (2) of this section:

(1) Bonds or other evidences of indebtedness of the
United States of America or of any of its agencies when such

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