(g) (1) A life insurer owns the amounts that the life insurer allocates to a
separate investment account under this section.

(2) A life insurer may not be or hold itself out to be a trustee of the
amounts allocated to the separate investment account.

(3) TO THE EXTENT PROVIDED UNDER THE APPLICABLE CONTRACTS,
THE PART OF THE ASSETS OF THE SEPARATE INVESTMENT ACCOUNT EQUAL TO THE
RESERVES AND OTHER CONTRACT LIABILITIES WITH RESPECT TO THE ACCOUNT
MAY NOT BE CHARGEABLE WITH LIABILITIES ARISING OUT OF ANY OTHER BUSINESS
THAT THE INSURER MAY CONDUCT.

(h) At all times, the investments and liabilities of each separate investment
account shall be clearly identifiable and distinguishable on the books of the life
insurer from other investments and liabilities of the life insurer.

(i) , Unless the Commissioner approves, a life insurer may not transfer by sale,
exchange, substitution, or otherwise from one investment account to another
investment account an investment in any separate investment account or in the
general investment account of the life insurer.

(j) (1) In connection with the allocation of investments or expenses or in any
other manner, a life insurer may not discriminate unfairly between:

(i) separate investment accounts; or

(ii) a separate investment account and the life insurer's general
investment account.

(2) This subsection does not require a life insurer to follow uniform
investment policies for its accounts.

(k) Investments made with respect to separate investment accounts shall be
valued for the purpose of any valuation required by this article:

(1) at the market value of the investment on the date of the valuation; or

(2) if there is no readily available market, in accordance with the terms
of the written agreement referred to in subsection (c) of this section.

16-602.

(a) [(1) Except as provided in paragraphs (2) and (3) of this subsection, the
investments of a segregated asset account are subject to the provisions of this article.]

(1) A SEGREGATED ASSET ACCOUNT MAY INVEST IN ANY INVESTMENTS
CONTRACTUALLY PERMITTED FOR THE SEGREGATED ASSET ACCOUNT AND
SPECIFIED IN THE PLAN OF OPERATIONS OPERATION ISSUED TO A QUALIFIED PLAN,
AS DEFINED IN § 5-512(A) OF THIS ARTICLE, AND THE RESTRICTIONS, LIMITATIONS,
AND OTHER PROVISIONS OF THIS ARTICLE RELATING TO INVESTMENTS SHALL NOT
APPLY TO THE INVESTMENTS CONTAINED IN THE SEGREGATED ASSET ACCOUNT,
PROVIDED THAT PRIOR TO DELIVERY OR ISSUANCE FOR DELIVERY IN THE STATE,