PARRIS N. GLENDENING, Governor                               Ch. 36

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 98.

In subsection (a) of this section, the phrase "in the United States" is added to
clarify that this subsection relates to the domicile of alien insurers in the
United States.

In the introductory language of subsection (c) of this section, the reference to
the power of the Commissioner to "deny" a certificate of authority is
substituted for the former reference to the power to "refuse to grant" a
certificate of authority to conform to language used in other revised articles of
the Code.

Defined terms: "Alien insurer" § 1-101
"Certificate of authority" § 1-101
"Commissioner" § 1-101
"Domestic insurer" § 1-101
"Foreign insurer" § 1-101
"Insurance business" § 1-101
"Insurer" § 1-101
"Life insurer" § 1-101
"Person" § 1-101
"State" § 1-101

5-603. DATE OF ELIGIBILITY OF INVESTMENT.

(A)     IN GENERAL.

THE ELIGIBILITY OF AN INVESTMENT SHALL BE DETERMINED AS OF THE DATE
OF THE MAKING OR ACQUISITION OF THE INVESTMENT.

(B)     INVESTMENT LIMITATIONS.

AN INVESTMENT LIMITATION THAT IS BASED ON THE AMOUNT OF ASSETS OR
PARTICULAR FUNDS OF AN INSURER SHALL RELATE TO THE ASSETS OR FUNDS AS
SHOWN BY:

(1)     THE ANNUAL STATEMENT OF THE INSURER AS OF THE DECEMBER
31 IMMEDIATELY PRECEDING THE DATE OF ACQUISITION OF THE INVESTMENT BY
THE INSURER; OR

(2)     A CURRENT FINANCIAL STATEMENT OF THE INSURER FILED WITH
THE COMMISSIONER THAT REFLECTS THE RESULT OF MERGER OR CONSOLIDATION
WITH ANOTHER INSURER, BULK REINSURANCE, OR CHANGE IN CAPITALIZATION.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 99.

Defined terms: "Commissioner" § 1-101
"Insurer" § 1-101
"Reinsurance" § 1-101

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