WM. PRESTON LANE, JR., GOVERNOR. 1265

dollars ($50, 000); (3) in case of companies writing taxicab lia-
bility insurance or long haul truck liability insurance, be equal
to not less than ten times the maximum single risk assumed,
nor less than two hundred and fifty thousand dollars ($250, -
000), and exceed the amount required for legal reserves and
other liabilities by not less than fifty thousand dollars
(|50, 000); provided, however, that companies licensed in this
State under the provisions of Subdivision (3) of this section,
prior to June 1, 1945, shall not be required to have assets
in excess of one hundred and fifty thousand dollars ($150, -
000); and (4) in case of companies writing all other classes
of insurance, be equal to not less than twice the maximum
single risk assumed, nor less than fifty thousand dollars
($50, 000); or, in lieu of complying with this sub-section and
with Sub-section (a) of this section, it shall hold a surplus
equal to the capital stock and surplus required of a stock
insurance company effecting the same kinds of insurance.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1949.

Approved April 29, 1949.

CHAPTER 515

(House Bill 67)

AN ACT to repeal and re-enact, with amendments, Section
174 of Article 48A of the Annotated Code of Maryland
(1939 Edition), title "Insurance", sub-title "Reciprocal Ex-
changes and Inter-Insurers", relating to reserve require-
ments and impairment of assets of Reciprocal Exchanges
and Inter-Insurers.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 174 of Article 48A of the Annotated Code
of Maryland (1939 Edition), title "Insurance", sub-title "Re-
ciprocal Exchanges and Inter-Insurers", be and the same is
hereby repealed and re-enacted, with amendments, to read
as follows:

174. (Reserves; Impairment of Assets. ) There shall at all
times be maintained assets in cash or securities authorized by
the laws of the State in which the principal office is located,
for the investment of funds of insurance companies doing the
same kind of business, an amount equal to 50 per cent of
premiums or deposits collected from subscribers on policies