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1318
LAWS OF MARYLAND
Ch. 396
Article 48A - Insurance Code
Section 211(c)
Annotated Code of Maryland
(1979 Replacement Volume and 1979 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be repealed, amended, or enacted to read as follows: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
211.
(c) Neither this subtitle nor 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] LIFE AND HEALTH
INSURANCE AND 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
AND PAYS THE PREMIUM TAX IMPOSED BY SECTION 136 OF ARTICLE
81 OF THIS CODE ON ALL PREMIUMS ALLOCABLE TO THIS STATE WITH
RESPECT TO LIFE AND HEALTH INSURANCE IN FORCE WITH RESIDENTS
OF THIS STATE.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.
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