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Ch. 660
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LAWS OF MARYLAND
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2098
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representation is obtained. However, the chief may, for good
cause shown, within that ten day period, extend that period of
time.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 31, 1983.
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CHAPTER 661
(House Bill 1418)
AN ACT concerning
Insurance - Prohibited Investments
FOR the purpose of repealing a provision of law that prohibits
insurers from investing in or lending funds upon the
security of certain stocks, bonds, or other securities
issued by certain corporations.
BY repealing and reenacting, with amendments,
Article 48A - Insurance Code
Section 106
Annotated Code of Maryland
(1979 Replacement Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 48A - Insurance Code
106.
In addition to investments excluded pursuant to other
provisions of this article, an insurer shall not directly or
indirectly invest in or lend its funds upon the security of the
following:
(1) Obligations, stock or other securities of any
corporation, association or other business unit which is
insolvent at the time of such acquisition or loan, except
securities eligible for investment under § 104.
(2) Any mortgage or deed of trust, or any real
property or any interest therein, which does not come within the
class of investments specified in § 104 (6) and (7).
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