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VETOES
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H.B. 1225
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(I) ADJUSTMENTS TO THE CALCULATION OF THE MINIMUM
NONFORFEITURE AMOUNT FOR CONTRACTS THAT PROVIDE SUBSTANTIVE
PARTICIPATION IN AN EQUITY INDEX BENEFIT; AND
(II) ADJUSTMENTS FOR OTHER CONTRACTS AS DETERMINED BY
THE COMMISSIONER
16-510.
A CONTRACT UNDER THIS SUBTITLE THAT DOES NOT PROVIDE CASH
SURRENDER BENEFITS OR DEATH BENEFITS AT LEAST EQUAL TO THE MINIMUM
NONFORFEITURE AMOUNT BEFORE THE START OF AN ANNUITY PAYMENT SHALL
INCLUDE A STATEMENT LOCATED IN A PROMINENT PLACE IN THE CONTRACT
STATING THAT CASH SURRENDER OR DEATH-BENEFITS ARE NOT PROVIDED UNDER
THE CONTRACT.
[16-510.] 16-511.
This subtitle is the Maryland Standard Nonforfeiture Law for Individual
Deferred Annuities AND SHALL BE INTERPRETED IN A MANNER CONSISTENT WITH
THE STANDARD NONFORFEITURE MODEL LAW FOR INDIVIDUAL DEFERRED
ANNUITIES PUBLISHED BY THE NATIONAL ASSOCIATION OF INSURANCE
COMMISSIONERS.
SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:
Chapter 82 of the Acts of 2003
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 2003. [It shall remain effective for a period of 2 years and, at the end of
May 31, 2005, with no further action required by the General Assembly, this Act shall
be abrogated and of no further force and effect.]
SECTION 3. AND BE IT FURTHER ENACTED, That:
(1) before June 1, 2007, a company may elect to apply the provisions of §§
16-503(b), (c), and (g) (g) and 16-504(b), (c), (d), and (e), and 16-510 and (d) of the
Insurance Article, as enacted by Section 1 of this Act, on an annuity contract form by
annuity contract form basis; and
(2) on or after June 1, 2007, a company shall apply provisions of the Insurance
Article, §§ 16-503(b), (c), and (g) (g) and 16-504(b), (c), (d), and (e), and 16-510 and
(d) of the Insurance Article, as enacted by Section 1 of this Act, to all annuity
contracts.
SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 2005.
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May 26, 2005
The Honorable Michael E. Busch
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- 4372 -
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