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Ch. 660
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2000 LAWS OF MARYLAND
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(i) interest bearing bonds, notes, certificates of indebtedness, bills,
or other direct interest bearing obligations of the United States or Canada or other
interest bearing obligations fully guaranteed both as to principal and interest by the
United States or Canada;
(ii) interest bearing bonds of a state, a province of Canada, a county
or incorporated city of a state, or a municipality of Canada;
(iii) interest bearing bonds of a commission, instrumentality,
authority, or political subdivision with legal authority to issue interest bearing bonds,
of the United States, Canada, a state, a province of Canada, a county or incorporated
city of a state, or a municipality of Canada;
(iv) [interest bearing bonds, notes, or other interest bearing
obligations of a corporation incorporated under the laws of the United States,
Canada, a state, or a province of Canada] OBLIGATIONS THAT ARE ISSUED,
ASSUMED, GUARANTEED, OR INSURED BY ANY BUSINESS ENTITY THAT IS
ORGANIZED UNDER THE LAWS OF THE UNITED STATES, ANOTHER STATE, CANADA,
OR ANY STATE, DISTRICT, PROVINCE, OR TERRITORY OF CANADA; or,
(v) subject to paragraph (2) of this subsection, obligations of the
African Development Bank, Asian Development Bank, Inter-American Development
Bank, International Bank for Reconstruction and Development, or International
Finance Corporation;
(VI) ASSET BACKED SECURITIES RATED INVESTMENT GRADE BY AT
LEAST ONE OF THE NATIONALLY RECOGNIZED STATISTICAL RATING
ORGANIZATIONS. AND WHICH EITHER TRADE ON A REGULATED NATIONALLY
RECOGNIZED EXCHANGE OR ARE TRADED BY A MINIMUM OF TWO REGISTERED
BROKER-DEALERS. TO THE EXTENT NECESSARY TO SATISFY THE RESERVE
REQUIREMENTS OF THIS SUBTITLE, A LIFE INSURER MAY NOT HAVE MORE THAN:
1. 20% OF ITS TOTAL ADMITTED ASSETS IN ASSET BACKED
SECURITIES;
2. 10% OF ITS TOTAL ADMITTED ASSETS IN ASSET BACKED
SECURITIES REPRESENTING AN INTEREST IN ASSETS OR POOLS OF ASSETS OTHER
THAN COMMERCIAL OR RESIDENTIAL MORTGAGES; AND
3. 3% OF ITS TOTAL ADMITTED ASSETS IN THE ASSET
BACKED SECURITIES OF ANY ONE ISSUER; AND
(VII) INTEREST BEARING BONDS, NOTES, OR OTHER INTEREST
BEARING OBLIGATIONS OF REAL ESTATE INVESTMENT TRUSTS RATED INVESTMENT
GRADE BY AT LEAST ONE OF THE NATIONALLY RECOGNIZED STATISTICAL RATING
ORGANIZATIONS, AND WHICH EITHER TRADE ON A REGULATED NATIONALLY
RECOGNIZED EXCHANGE OR ARE TRADED BY A MINIMUM OF TWO REGISTERED
BROKER-DEALERS. TO THE EXTENT NECESSARY TO SATISFY THE RESERVE
REQUIREMENTS OF THIS SUBTITLE, A LIFE INSURER MAY NOT HAVE MORE THAN 3%
OF ITS TOTAL ADMITTED ASSETS IN THE BONDS, NOTES, OR OTHER INTEREST
BEARING OBLIGATIONS OF ANY ONE REAL ESTATE INVESTMENT TRUST.
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- 3374 -
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