WILLIAM DONALD SCHAEFER, Governor

Ch. 300

to the debt service requirements of the State. The Board of
Public Works may waive the State's right of recovery if the Board
determines that there is good cause for releasing the transferor,
transferee, or owner from this obligation.

(10) An annual State tax is imposed on all assessable
property in the State in rate and amount sufficient to pay the
principal of and interest on the bonds, as and when due and until
paid in full. The principal shall be discharged within 15 years
after the date of issue of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1988.

Approved May 17, 1988.

CHAPTER 300

(Senate Bill 370)

AN ACT concerning

Life Insurance - Long-Term Health Care

FOR the purpose of permitting life insurance policies to include
a rider or supplemental policy provision that offers
coverage for long-term health care in lieu of or in addition
to death benefits; requiring reserves established to pay
long-term health care benefits to be considered in
determining an insurer's financial condition; establishing
the method for calculating the reserve valuation for life
insurance policies that provide long-term health benefits;
exempting life insurance policies that provide long-term
health benefits from certain reserve calculations; requiring
benefits payable from life insurance policies to be included
in excluding long-term health care benefits from any paid-up
nonforfeiture benefits; exempting life insurance policies
that offer long-term health benefits from certain health
insurance requirements; modifying a certain definition and
generally relating to life insurance and long-term health
care benefits.

BY repealing and reenacting, with amendments,

Article 48A - Insurance Code

Section 63, 77, 83(3)(a-1)(vii), (b-1) (B), (b-2), and (c),

414(1), and 437
Annotated Code of Maryland
(1986 Replacement Volume and 1987 Supplement)

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