690                             LAWS OF MARYLAND                     [CH. 232

subsequent to the payment or payments of the "Maryland estate
tax" or because of demonstrable error in the "Maryland estate tax
return" but such refunds shall not be subject to the payment of
interest by the Comptroller. If the fund retained by the Comptroller
shall be insufficient, the Comptroller shall retain from the next sub-
sequent receipts of the "Maryland estate tax" such amount as will
be necessary to make the said refund. [Any] A claim for refund of
Maryland estate tax [must] shall be filed within [one (1) year]
three (3) years after the event which causes the refund to become
due, provided that no interest will be due on any such claim which
has not been filed within one (1) year after such event.

Sec. 2. And be it further enacted, That the provisions of this
Act shall be applicable to the estates of deceased persons with respect
to which Maryland estate tax became due or was paid on or after
June 1, 1965.

Sec. 3. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved April 23, 1969.

CHAPTER 232
(Senate Bill 416)

AN ACT to add new Section 436B to Article 48A of the Annotated
Code of Maryland (1968 Replacement Volume), title "Insurance
Code," subtitle "Group Life Insurance," to follow immediately
after Section 436A thereof, clarifying the law regarding assign-
ability of an insured's interests under group life insurance policies.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 436B be and it is hereby added to Article 48A
of the Annotated Code of Maryland (1968 Replacement Volume)
to follow immediately after Section 436A thereof and to read as
follows:

436B. Assignability of insured's interests under group insurance
policies.

Nothing in this article or any other law shall be construed as
prohibiting any person insured under a group insurance policy, pur-
suant to an arrangement among the insured, the group policyholder
and the insurer, from making to any person an assignment of ANY
OR all of the rights and benefits conferred on him by any provision of
such policy or by law, including specifically, but not by way of limita-
tion, the right to have issued to him an individual policy arising from
conversion as set forth in Sections 434, 435 and 436 of this article
and the right to name a beneficiary. Any such assignment, whether
made before or after the effective date hereof, is valid for the pur-
pose of vesting in the assignee all such rights and benefits so assigned,
and shall entitle the insurer to deal with the assignee as the owner
of all rights and benefits conferred on the insured under the policy
in accordance with the terms of the assignment but without prejudice
to the insurer on account of any payment it may make or individual