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Ch. 660
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2000 LAWS OF MARYLAND
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2. THE INVESTMENT IS NOT ASSUMED, ACCEPTED,
GUARANTEED, OR INSURED OR OTHERWISE BACKED BY A DOMESTIC JURISDICTION
OR A PERSON, THAT IS NOT A SHELL BUSINESS ENTITY, DOMICILED IN A DOMESTIC
JURISDICTION.
(12) (13) "FOREIGN JURISDICTION" MEANS A JURISDICTION OTHER
THAN A DOMESTIC JURISDICTION.
(13) (14) "HEDGING TRANSACTION" MEANS A DERIVATIVE TRANSACTION
THAT IS ENTERED INTO AND MAINTAINED TO REDUCE:
(I) THE RISK OF A CHANGE IN THE VALUE, YIELD, PRICE, CASH
FLOW, OR QUANTITY OF ASSETS OR LIABILITIES THAT THE INSURER HAS ACQUIRED
OR INCURRED OR ANTICIPATES ACQUIRING OR INCURRING; OR
(II) THE CURRENCY EXCHANGE RATE RISK OR THE DEGREE OF
EXPOSURE AS TO ASSETS OR LIABILITIES THAT AN INSURER HAS ACQUIRED OR
INCURRED OR ANTICIPATES ACQUIRING OR INCURRING.
(14) "OBLIGATION" MEANS A BOND, NOTE, DEBENTURE, ASSET BACKED
SECURITIES, TRUST CERTIFICATE, INCLUDING AN EQUIPMENT CERTIFICATE,
PRODUCTION PAYMENT, NEGOTIABLE BANK CERTIFICATE OF DEPOSIT, BANDERS'
ACCEPTANCE, CREDIT TENANT LOAN, LOAN SECURED BY FINANCING NET LEASES
AND OTHER EVIDENCE OF INDEBTEDNESS FOR THE PAYMENT OF MONEY (OR
PARTICIPATIONS, CERTIFICATES, OR OTHER EVIDENCES OF AN INTEREST IN ANY OF
THE FOREGOING), WHETHER CONSTITUTING A GENERAL OBLIGATION OF THE
ISSUER OR PAYABLE ONLY OUT OF CERTAIN REVENUES OR CERTAIN FUNDS
PLEDGED OR OTHERWISE DEDICATED FOR PAYMENT.
(15) "QUALIFIED GUARANTOR" MEANS A GUARANTOR AGAINST WHICH
AN INSURER HAS A DIRECT CLAIM FOR FULL AND TIMELY PAYMENT, EVIDENCED BY
A CONTRACTUAL RIGHT FOR WHICH AN ENFORCEMENT ACTION CAN BE BROUGHT IN
A DOMESTIC JURISDICTION.
(16) "QUALIFIED PRIMARY CREDIT SOURCE" MEANS THE CREDIT SOURCE
TO WHICH AN INSURER LOOKS FOR PAYMENT AS TO AN INVESTMENT AND AGAINST
WHICH AN INSURER HAS A DIRECT CLAIM FOR FULL AND TIMELY PAYMENT,
EVIDENCED BY A CONTRACTUAL RIGHT FOR WHICH AN ENFORCEMENT ACTION CAN
BE BROUGHT IN A DOMESTIC JURISDICTION.
(17) (I) "REPLICATION TRANSACTION" MEANS A DERIVATIVE
TRANSACTION THAT IS INTENDED TO REPLICATE THE PERFORMANCE OF ONE OR
MORE ASSETS THAT AN INSURER IS AUTHORIZED TO ACQUIRE UNDER THIS SECTION.
(II) A DERIVATIVE TRANSACTION THAT IS ENTERED INTO AS A
HEDGING TRANSACTION MAY NOT BE CONSIDERED A REPLICATION TRANSACTION.
(18) (17) "REPURCHASE TRANSACTION" MEANS A TRANSACTION IN
WHICH AN INSURER PURCHASES SECURITIES FROM A BUSINESS ENTITY THAT IS
OBLIGATED TO REPURCHASE THE PURCHASED SECURITIES OR EQUIVALENT
SECURITIES FROM THE BUSINESS ENTITY AT A SPECIFIED PRICE, EITHER WITHIN A
SPECIFIED PERIOD OF TIME OR ON DEMAND.
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- 3372 -
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