1264 LAWS OF MARYLAND. [CH. 514

intent and purposes of this Article, and that the public inter-
est will not be jeopardized by admitting said company to
engage in business in this State, and until the company shall
have complied with the following conditions:

(a) It shall hold bona fide applications for insurance upon
which it shall issue simultaneously, or it shall have in force,
at least twenty policies to at least twenty members for the
same kind of insurance, upon not less than two hundred sepa-
rate risks, each within the maximum single risk described
herein, and each of such risks shall be a resident of, or
situated in, this State.

(b) For the purpose of transacting employer's liability and
workmen's compensation insurance, the application shall cover
not less than two thousand employees, each such employee
being considered a separate risk for determining the maxi-
mum single risk.

(c) The "maximum single risk" shall not exceed twenty
per cent of the admitted assets, or three times the average
risk, or one per cent of the insurance in force, whichever is
the greatest, any reinsurance taking effect simultaneously with
the policy being deducted in determining such maximum
single risk.

(d) It shall have collected an annual cash premium, or a
full premium for the term for which the policy is written, if
for less than a year, upon each application required for organ-
ization, the total of which premiums shall be held in cash or
in securities in which insurance companies are authorized to
invest, and the total assets, excluding any borrowed money or
other borrowed assets, shall (1) in case of companies writing
fire, marine, sprinkler leakage or other water damage, light-
ning, hail, windstorm, smoke or smudge damage, automobile,
fire, theft or property damage, burglary, theft or inland
marine insurance, either singly or any or all of said classes
of insurance combined, be equal to not less than twice the
maximum single risk assumed subject to one fire or to one
loss, nor less than twenty-five thousand dollars ($25, 000);
except in the case of domestic mutual companies that confine
their business to one county, in which case it shall be equal
to not less than ten thousand dollars (f 10, 000); (2) in case
of companies writing fidelity or surety bonds, or workmen's
compensation, or automobile liability (other than taxicab lia-
bility, or long haul truck liability), or public liability insur-
ance, be equal to not less than five times the maximum single
risk assumed, nor less than one hundred and fifty thousand
dollars ($150, 000), and exceed the amount required for legal
reserves and all other liability by not less than fifty thousand