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PARRIS N. GLENDENING, Governor
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Ch. 660
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TRANSACTION DATE AT LEAST EQUAL TO 102% OF THE MARKET VALUE OF THE
SECURITIES LOANED BY THE INSURER IN THE TRANSACTION AS OF THAT DATE.
(II) IF AT ANY TIME THE MARKET VALUE OF THE ACCEPTABLE
COLLATERAL IS LESS THAN THE MARKET VALUE OF THE LOANED SECURITIES, THE
BUSINESS ENTITY COUNTERPARTY SHALL BE OBLIGATED TO DELIVER ADDITIONAL
ACCEPTABLE COLLATERAL, THE MARKET VALUE OF WHICH, TOGETHER WITH THE
MARKET VALUE OF ALL ACCEPTABLE COLLATERAL THEN HELD IN CONNECTION
WITH THE TRANSACTION, AT LEAST EQUALS 102% OF THE MARKET VALUE OF THE
LOANED SECURITIES.
(7) (I) IN A REVERSE REPURCHASE TRANSACTION, OTHER THAN A
DOLLAR ROLL TRANSACTION, THE INSURER SHALL RECEIVE ACCEPTABLE
COLLATERAL HAVING A MARKET VALUE AS OF THE TRANSACTION DATE AT LEAST
EQUAL TO 95% OF THE MARKET VALUE OF THE SECURITIES TRANSFERRED BY THE
INSURER IN THE TRANSACTION AS OF THAT DATE.
(II) IF AT ANY TIME THE MARKET VALUE OF THE ACCEPTABLE
COLLATERAL IS LESS THAN 95% OF THE MARKET VALUE OF THE SECURITIES SO
TRANSFERRED, THE BUSINESS ENTITY COUNTERPARTY SHALL BE OBLIGATED TO
DELIVER ADDITIONAL ACCEPTABLE COLLATERAL, THE MARKET VALUE OF WHICH,
TOGETHER WITH THE MARKET VALUE OF ALL ACCEPTABLE COLLATERAL THEN
HELD IN CONNECTION WITH THE TRANSACTION, AT LEAST EQUALS 95% OF THE
MARKET VALUE OF THE TRANSFERRED SECURITIES.
(8) IN A DOLLAR ROLL TRANSACTION, THE INSURER SHALL RECEIVE
CASH IN AN AMOUNT AT LEAST EQUAL TO THE MARKET VALUE OF THE SECURITIES
TRANSFERRED BY THE INSURER IN THE TRANSACTION AS OF THE TRANSACTION
DATE.
(9) (I) IN A REPURCHASE TRANSACTION, THE INSURER SHALL
RECEIVE AS ACCEPTABLE COLLATERAL TRANSFERRED SECURITIES HAVING A
MARKET VALUE AT LEAST EQUAL TO 102% OF THE PURCHASE PRICE PAID BY THE
INSURER FOR THE SECURITIES.
(II) IF AT ANY TIME THE MARKET VALUE OF THE ACCEPTABLE
COLLATERAL IS LESS THAN 100% OF THE PURCHASE PRICE PAID BY THE INSURER,
THE BUSINESS ENTITY COUNTERPARTY SHALL BE OBLIGATED TO PROVIDE
ADDITIONAL ACCEPTABLE COLLATERAL, THE MARKET VALUE OF WHICH, TOGETHER
WITH THE MARKET VALUE OF ALL ACCEPTABLE COLLATERAL THEN HELD IN
CONNECTION WITH THE TRANSACTION, AT LEAST EQUALS 102% OF THE PURCHASE
PRICE.
(III) SECURITIES ACQUIRED BY AN INSURER IN A REPURCHASE
TRANSACTION MAY NOT BE SOLD IN A REVERSE REPURCHASE TRANSACTION,
LOANED IN A SECURITIES LENDING TRANSACTION, OR OTHERWISE PLEDGED.
(O) (1) THE RESERVE INVESTMENTS OF A LIFE INSURER MAY INCLUDE
DERIVATIVE TRANSACTIONS UNDER THIS SUBSECTION, WHETHER ENTERED INTO
DIRECTLY OR INDIRECTLY THROUGH AN INVESTMENT SUBSIDIARY, UNDER THE
CONDITIONS OF PARAGRAPHS (2) THROUGH (7) OF THIS SUBSECTION.
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- 3381 -
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