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VETOES
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H.B. 1192
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information regarding the redetermination of an interest rate in an annuity contract
and provides for calculating and imposing specified conditions on benefits for annuity
contracts.
Senate Bill 662, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign House
Bill 1192.
Very truly yours,
Robert L. Ehrlich, Jr.
Governor
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House Bill No. 1192
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AN ACT concerning
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Insurance - Individual Deferred Annuities - Minimum Nonforfeiture
Amounts
FOR the purpose of repealing certain provisions of law relating to minimum
nonforfeiture amounts under certain annuity contracts; providing for the
calculation of the minimum nonforfeiture amount under an annuity contract;
providing for the calculation of and imposing certain conditions on the interest
rate used in determining the minimum nonforfeiture amount under an annuity
contract; requiring an insurer to provide certain information regarding the
redetermination of an interest rate in an annuity contract; providing for the
calculation of and imposing certain conditions on certain benefits for certain
annuity contracts; authorizing the Maryland Insurance Commissioner to adopt
certain regulations; altering a certain provision of law relating to a required
provision in an annuity contract; requiring an insurer to make a certain request
regarding a certain deferment and specifying the information to be included in
the request; authorizing an insurer to make a certain deferment after obtaining
a certain approval; providing that a certain payment relieves an insurer of a
certain obligation; requiring an insurer to provide a certain statement in certain
annuity contracts; requiring certain provisions of law to be interpreted in a
manner consistent with a certain model law; repealing a certain termination
provision; and generally relating to minimum nonforfeiture amounts for
individual deferred annuity contracts.
BY repealing and reenacting, with amendments,
Article - Insurance
Section 16-503(b), (c), and (g) and 16-510
Annotated Code of Maryland
(2002 Replacement Volume and 2004 Supplement)
BY repealing
Article - Insurance
Section 16-504(b), (c), and (d)
Annotated Code of Maryland
- 4366 -
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