PARRIS N. GLENDENING, Governor                                   Ch. 36

(2) THE AGGREGATE AMOUNT OF THE INVESTMENTS MADE UNDER
PARAGRAPH (1) OF THIS SUBSECTION AND OF THE CURRENCY OF THE FOREIGN
COUNTRY OR POSSESSION HELD BY THE INSURER MAY NOT EXCEED ONE AND
ONE-HALF TIMES THE GREATER OF:

(I)      THE AMOUNT OF THE RESERVES OF THE INSURER AND OTHER
OBLIGATIONS UNDER ANY OUTSTANDING INSURANCE CONTRACTS OR
REINSURANCE CONTRACTS IN THAT COUNTRY OR POSSESSION; AND

(II)     THE AMOUNT THAT THE INSURER IS REQUIRED BY LAW TO
INVEST IN THAT COUNTRY OR POSSESSION.

(Q) STOCKS AND DEBENTURES OF HOUSING AUTHORITIES.

THE RESERVE INVESTMENTS OF AN INSURER MAY INCLUDE STOCKS OR
DEBENTURES OR BOTH OF A HOUSING AUTHORITY ORGANIZED UNDER THE PUBLIC
HOUSING LAW OF THE STATE, TO THE EXTENT AND ON THE CONDITIONS THAT THE
COMMISSIONER AUTHORIZES, .IF ALL OF THE STOCK OF THE HOUSING AUTHORITY
HAS BEEN OR WILL BE ORIGINALLY ISSUED TO ONE OR MORE INSURERS.

(R) SHARES OF SAVINGS AND LOAN OR BUILDING AND LOAN ASSOCIATIONS.

THE RESERVE INVESTMENTS OF AN INSURER MAY INCLUDE SHARES OR
DEPOSITS IN A SAVINGS AND LOAN ASSOCIATION OR BUILDING AND LOAN
ASSOCIATION TO THE EXTENT THAT THE INVESTMENT OR ACCOUNT IS INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION.

(S) DIVIDEND-PAYING COMMON STOCK.

(1)      SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, THE RESERVE
INVESTMENTS OF AN INSURER MAY INCLUDE DIVIDEND-PAYING COMMON STOCK
OF A CORPORATION CREATED OR EXISTING UNDER THE LAWS OF THE UNITED
STATES, CANADA, A STATE, OR A PROVINCE OF CANADA.

(2)      TO THE EXTENT NECESSARY TO SATISFY THE RESERVE
REQUIREMENTS OF THIS SUBTITLE, AN INSURER MAY NOT HAVE MORE THAN:

(I)       10% OF ITS TOTAL ADMITTED ASSETS IN PREFERRED STOCK
UNDER SUBSECTION (F) OF THIS SECTION;

(II)     10% OF ITS TOTAL ADMITTED ASSETS IN COMMON STOCK
UNDER THIS SUBSECTION; OR

(III)    5% OF ITS TOTAL ADMITTED ASSETS IN THE STOCK OF ANY
ONE CORPORATION.

(T) OTHER INVESTMENTS.

THE RESERVE INVESTMENTS OF AN INSURER MAY INCLUDE ANY OTHER
INVESTMENTS NOT OTHERWISE PROHIBITED BY THIS SUBTITLE IF:

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