CHAPTER 569
(Senate Bill 483)
AN ACT concerning
Life Insurers - Investments
FOR the purpose of authorizing a separate investment account and a segregated asset
account established by a life insurer to invest in any investments contractually
permitted for the account and specified in the plan of operations operation
issued to a qualified plan; providing that certain provisions of State insurance
laws do not apply to the investments contained in the separate investment
account or the segregated asset account under certain circumstances; providing
that the assets of a separate investment account may not be chargeable with
certain liabilities under certain circumstances; repealing certain provisions of
law that impose limitations on investments made by life insurers and on
investments of the assets of a segregated asset account; altering a certain
definition; and generally relating to investments by life insurers.
BY repealing and reenacting, with amendments,
Article - Insurance
Section 5-512 and 16-602
Annotated Code of Maryland
(1997 Volume and 1998 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
5-512.
[(a) In this section, "qualified plan" means a pension, retirement, or
profit-sharing plan or agreement that meets the requirements for qualification under
§ 401 or § 403 of the United States Internal Revenue Code or any corresponding
provisions of prior or subsequent federal revenue laws.]
(A) IN THIS SECTION, "QUALIFIED PLAN" MEANS A PENSION, RETIREMENT, OR
PROFIT-SHARING PLAN OR AGREEMENT THAT:
(1) MEETS THE REQUIREMENTS FOR QUALIFICATION UNDER § 401, § 403,
OR § 414 OF THE UNITED STATES INTERNAL REVENUE CODE OR ANY
CORRESPONDING PROVISIONS OF PRIOR OR SUBSEQUENT FEDERAL REVENUE LAWS;
AND
(2) IS AN ACCREDITED INVESTOR AS DEFINED IN REGULATION D OF THE
SECURITIES ACT OF 1933 OR ANY CORRESPONDING PROVISIONS OF PRIOR OR
SUBSEQUENT FEDERAL LAWS.
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