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2670
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Ch. 663
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LAWS OF MARYLAND
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BY adding to
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Article 48A — Insurance Code
Section 211(c)
Annotated Code of Maryland
(1972 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 211(c) be and it is hereby
added to Article 48A - Insurance Code, of the Annotated
Code of Maryland (1972 Replacement Volume and 1976
Supplement) to read as follows:
Article 48A - Insurance Code
211.
(C) NEITHER THIS SUBTITLE NOB ANY OTHER PROVISION
OF THIS ARTICLE APPLIES TO AN ORGANIZATION:
(1) WHICH IS ORGANIZED AND OPERATED WITHOUT
PROFIT TO ANY PERSON EXCLUSIVELY FOR THE PURPOSE OF
AIDING NONPROFIT EDUCATIONAL OR SCIENTIFIC INSTITUTIONS
AND WHICH SERVES THAT PURPOSE BY ISSUING VARIABLE ANNUITY
CONTRACTS ONLY TO OR FOR THE BENEFIT OF THOSE EDUCATIONAL
OR SCIENTIFIC INSTITUTIONS OR TO INDIVIDUALS ENGAGED IN
THE SERVICE OF THOSE INSTITUTIONS;
(2) WHICH IRREVOCABLY APPOINTS THE
COMMISSIONER AS ITS ATTORNEY TO RECEIVE SERVICE OF LEGAL
PROCESS ISSUED AGAINST IT IN MARYLAND SO AS TO BIND THE
INSURER AND ITS SUCCESSORS, TO REMAIN IN EFFECT AS LONG
AS THERE IS IN FORCE IN THIS STATE ANY CONTRACT OR
OBLIGATION ARISING FROM IT IN FORCE IN MARYLAND;
(3) WHICH IS LEGALLY ORGANIZED AND QUALIFIED
TO DO BUSINESS AND HAS BEEN ACTIVELY DOING BUSINESS UNDER
THE LAWS OF THE STATE OF ITS DOMICILE FOR A PERIOD OF AT
LEAST TEN YEARS PRIOR TO JULY 1, 1977;
(4) WHICH FILES WITH THE COMMISSIONER A COPY
OF ANY CONTRACT FORM ISSUED TO MARYLAND RESIDENTS;
(5) WHICH FILES WITH THE COMMISSIONER ON OR
BEFORE MARCH 1 OF EACH YEAR A COPY OF ITS ANNUAL
STATEMENT PREPARED PURSUANT TO THE LAWS OF ITS STATE OF
DOMICILE, AS WELL AS SUCH OTHER FINANCIAL MATERIAL AS MAY
BE REQUESTED; AND
(6) WHICH AGREES TO SUBMIT TO PERIODIC
EXAMINATIONS AS MAY BE DEEMED NECESSARY BY THE
COMMISSIONER.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
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