WILLIAM DONALD SCHAEFER, Governor

Ch. 660

[(ii)]2. Such property of the insurer as may be customary and
necessary to the operation of its branch offices outside the [State.] STATE;

[(iii)] 3. Securities deposited within a jurisdiction outside of
Maryland, as a condition of authority to transact business in that jurisdiction or securities
deposited in connection with obtaining surety [bonds.] BONDS; AND

[(iv)] 4. Securities held for safekeeping by a bank, or other institution
in each case approved by the Commissioner, which is located within the United States or
Canada, or any jurisdiction in which the insurer is licensed to do business and which has
a custodial agreement with the insurer approved by the Commissioner.

(B) A DOMESTIC RISK RETENTION GROUP, AS DEFINED IN § 617(K) OF
THIS ARTICLE, THAT BECAME DOMICILED IN THIS STATE BEFORE JANUARY 1, 1994
AND THAT DOES NOT HAVE ITS HOME OR EXECUTIVE OFFICE WITHIN THE
GEOGRAPHICAL LIMITS OF THIS STATE:

(I) SHALL KEEP WITHIN THIS STATE ITS ENTIRE ASSETS AS
REQUIRED BY PARAGRAPH (A)(II) OF THIS SUBSECTION; AND

(II) MAY MAINTAIN ITS GENERAL LEDGER ACCOUNTING RECORDS
OUTSIDE THIS STATE IF IT MAKES THOSE RECORDS AVAILABLE IN THIS STATE TO
THE COMMISSIONER WITHIN A REASONABLE TIME AFTER 24 HOURS 2 BUSINESS DAYS
AFTER BEING REQUESTED TO DO SO BY THE COMMISSIONER.

(4)      This section shall not prohibit the holding of funds or the transmission of
securities outside this State for the purpose of securing or recording title to such
securities or for the purpose of the sale, loan, purchase, redemption, exchange or
alteration of the provisions of such securities.

(5)      No more than 15% of an insurer's admitted assets shall be kept outside the
State, pursuant to this section, without approval of the Commissioner.

(6)     The Commissioner may modify or waive the requirements of this section to
the extent he deems justified and not adverse to the public interest.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October July 1, 1994.

Approved May 26, 1994.

CHAPTER 660
(House Bill 1315)

AN ACT concerning

Estimated Income Tax Filing

FOR the purpose of altering a certain threshold for estimated income tax filing purposes;
prohibiting a tax collector from assessing interest or a penalty on unpaid estimated

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