PARRIS N. GLENDENING, Governor                                   Ch. 11

GENERAL REVISOR'S NOTE TO SUBTITLE:

Former Art. 48A, § 408A, which governed policies issued before July 1, 1980, is
transferred to the Session Laws effective October 1, 1997, because of its limited and
diminishing applicability.

SUBTITLE 5. MARYLAND STANDARD NONFORFEITURE LAW FOR INDIVIDUAL

DEFERRED ANNUITIES.

16-501. SCOPE OF SUBTITLE.

THIS SUBTITLE DOES NOT APPLY TO:

(1)      REINSURANCE;

(2)      A GROUP ANNUITY PURCHASED UNDER A RETIREMENT PLAN OR
DEFERRED COMPENSATION PLAN ESTABLISHED OR MAINTAINED BY AN EMPLOYER,
INCLUDING A PARTNERSHIP OR SOLE PROPRIETORSHIP, OR EMPLOYEE
ORGANIZATION, OR BY BOTH, OTHER THAN A PLAN THAT PROVIDES INDIVIDUAL
RETIREMENT ACCOUNTS OR INDIVIDUAL RETIREMENT ANNUITIES UNDER § 408 OF
THE INTERNAL REVENUE CODE;

(3)      A PREMIUM DEPOSIT FUND;

(4)      A VARIABLE ANNUITY;

(5)      AN INVESTMENT ANNUITY;

(6)      AN IMMEDIATE ANNUITY;

(7)      A DEFERRED ANNUITY CONTRACT AFTER ANNUITY PAYMENTS
HAVE BEGUN;

(8)      A REVERSIONARY ANNUITY; OR

(9)      AN ANNUITY CONTRACT THAT IS DELIVERED OUTSIDE THE STATE
THROUGH AN AGENT OR OTHER REPRESENTATIVE OF THE INSURER ISSUING THE
CONTRACT.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 408B(b).

In item (2) of this section, the words "as amended", which formerly modified
"Internal Revenue Code", are deleted as unnecessary in light of Art. 1, § 21 of
the Code.

In item (9) of this section, the defined term "insurer" is substituted for the
former word "company" for consistency.

Defined terms: "Agent" § 1-101
"Annuity" § 1-101
"Annuity contract" § 1-101

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