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PARRIS N. GLENDENING, Governor Ch. 660
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2000.
Approved May 18, 2000.
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CHAPTER 660
(House Bill 978)
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AN ACT concerning
Life Insurers - Classes of Reserve Investments
FOR the purpose of altering the classes of reserve investments authorized for life
insurers; imposing certain limitations on certain classes of reserve investments
authorized for life insurers; specifying that the reserve investments of a life
insurer may include certain foreign investments; authorizing the Insurance
Commissioner to take certain action to rectify or prevent a hazardous financial
condition; requiring the board of directors of certain life insurers to adopt or
approve certain plans relating to certain types of investments; defining certain
terms; and generally relating to investments of life insurers.
BY repealing and reenacting, with amendments,
Article - Insurance
Section 5-509 and 5-511
Annotated Code of Maryland
(1997 Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
5-509.
(A) THE APPLICABLE DEFINITIONS OF IN § 5-511 OF THIS SUBTITLE APPLY TO
IN THIS SECTION.
[(a)] (B) This section does not apply to Canadian securities and investments
that are eligible for investment under other provisions of this subtitle.
[(b)] (C) Subject to the limitations of § 5-511 of this subtitle, a life insurer may
acquire foreign investments, or engage in investment practices with persons of or in
foreign jurisdictions, of substantially the same types as those that a life insurer is
allowed to acquire under this subtitle, other than those of the type prohibited under §
5-506 of this subtitle if, as a result of and after giving effect to the investment:
(1) the aggregate amount of foreign investments then held by the life
insurer under this subsection does not exceed 20% of its admitted assets; and
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