1000                            Laws of Maryland                       Ch. 427

nor more than $500.00 from the agent or broker whose license is
subject to suspension or revocation under the provisions of this
article.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved April 28, 1970

CHAPTER 426
(Senate Bill 586)

AN ACT to repeal and re-enact, with amendments, subsection (d)
of Section 96A of Article 48A of the Annotated Code of Maryland
(1968 Replacement Volume), title "Insurance Code," subtitle "In-
vestments of Life Insurers," to increase the amount of stock or
shares of any one corporation which may be owned in a separate
investment account.

Section 1. Be it enacted by the General Assembly of Maryland,
That subsection (d) of Section 96A of Article 48A of the An-
notated Code of Maryland (1968 Replacement Volume), title "In-
surance Code," subtitle "Investments of Life Insurers," be and it
is hereby repealed and re-enacted, with amendments, to read as fol-
lows:

96A. Separate investment accounts; premium funding.

(d) Amounts allocated to separate accounts and accumulations
thereon may be invested and reinvested in any class of investments
authorized by this article as life insurance reserve investments. Pre-
ferred and common stock investments of amounts allocated to sepa-
rate accounts shall not be included in applying the 10 % limitations
provided in the first proviso of Section 96, subsection (6) of this
article. No insurer may invest more than $10,000 or [5%] 10%
of any one separate account, whichever is greater, in the stock or
shares of any one corporation, mutual fund or investment company.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved April 28, 1970

CHAPTER 427
(House Bill 563)

AN ACT to add new Section 362 to Article 48A of the Annotated
Code of Maryland (1968 Replacement Volume and 1969 Supple-
ment), title "Insurance Code," to follow immediately after Section
361A thereof, and to be under the new subtitle "Variable Con-
tracts," to provide for the regulation of variable contracts in this
State.