HARRY HUGHES, Governor

1307

and amount sufficient to pay the principal of and interest
on the bonds as and when due and until paid in full, such
principal to be discharged within fifteen years of the date
of issue of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1979.

Approved May 29, 1979.

CHAPTER 462

(Senate Bill 540)

AN ACT concerning

Life Insurance — Reserve Investments

FOR the purpose of clarifying that a certain investment
value limit in real property is equity, value;
eliminating the requirement that certain real estate
invested in by life insurance companies must be
unencumbered; and correcting language.

BY repealing and reenacting, with amendments,

Article 48A — Insurance Code

Section 96(10) and (12)

Annotated Code of Maryland

(1972 Replacement Volume and 1978 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 48A — Insurance Code

96.

Every domestic life insurer must have and continually
keep to the extent of an amount equal to its entire
reserves, as required by this article, invested in any
combination of the following types of assets subject to the
limit, if any, set forth with regard to each type or class
of investment:

(10) [Unencumbered real] REAL estate for the office
and business purposes only of [said] THE insurer, except as
authorized by subsections (7) and (8); and also property for
parking accommodations, with or without charge, primarily
for the use of employees or customers of [said] THE insurer;
provided, however, that the EQUITY value of all real estate