3122                                              LAWS OF MARYLAND                                         Ch. 618

CHAPTER 618

(House Bill 444)

AN ACT concerning

Insurance Companies - Investments

FOR the purpose of allowing certain insurers to make reserve
investments in the African Development Bank; and limiting
the investment in certain international development banks by
a certain amount.

BY repealing and reenacting, with amendments,

Article 48A - Insurance Code

Section 96(2) and 104(1)

Annotated Code of Maryland

(1979 Replacement Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland 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:

(2) Interest-bearing bonds, notes, certificates of
indebtedness, bills or other direct interest-bearing obligations
of the United States of America or of Canada or other
interest-bearing obligations fully guaranteed both as to
principal and interest by the United States of America, or by
Canada, and obligations of the International Bank for
Reconstruction and Development, obligations of the Inter-American
Development Bank, [and] obligations of the Asian Development
Bank, AND OBLIGATIONS OF THE AFRICAN DEVELOPMENT BANK. AN
INSURER MAY NOT INVEST MORE THAN 5% OF ITS TOTAL ADMITTED ASSETS
IN OBLIGATIONS OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT, INTER-AMERICAN DEVELOPMENT BANK, ASIAN DEVELOPMENT
BANK, OR AFRICAN DEVELOPMENT BANK.

104.

The reserve investments of an insurer shall consist of the
following classes of assets subject to the limit, if any, set
forth with regard to each type or class of asset: