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PARRIS N. GLENDENING, Governor
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Ch. 661
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SUBSECTION, MONEY MARKET FUNDS QUALIFYING FOR LISTING WITHIN THIS
SUBSECTION MUST CONFORM TO THE PURPOSES AND PROCEDURES OF THE
SECURITIES VALUATION OFFICE OR ANY SUCCESSOR PUBLICATION.
(Q) THE RESERVE INVESTMENTS OF A LIFE INSURER MAY INCLUDE OTHER OR
ADDITIONAL INVESTMENTS AS MAY BE PERMITTED UNDER REGULATIONS ADOPTED
BY THE COMMISSIONER.
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 661
(House Bill 979)
AN ACT concerning
Insurance - Regulation of Extraordinary Dividends and Distributions
FOR the purpose of altering the circumstances under which a dividend or distribution
of cash or other property to shareholders by certain insurers is considered
extraordinary; providing that certain insurers may not pay an extraordinary
dividend or make an extraordinary distribution except under certain
circumstances; clarifying that certain provisions regulating transactions within
insurance holding company systems apply to certain insurers; defining a certain
term; providing for the application of this Act; and generally relating to
dividends and distributions by insurers.
BY repealing and reenacting, with amendments,
Article - Insurance
Section 7-701 and 7-706
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
7-701.
(A) THIS SUBTITLE APPLIES TO INSURERS THAT ARE SUBJECT TO
REGISTRATION UNDER SUBTITLE 6 OF THIS TITLE.
(B) This subtitle does not authorize an insurer that is a member of an
insurance holding company system to enter into a transaction that otherwise would
be contrary to law for an insurer that is not a member of the same insurance holding
company system.
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- 3385 -
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