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PARRIS N. GLENDENING, Governor
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S.B. 763
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business entities, derivative transactions, money market mutual funds, certain asset
backed securities and interest bearing bonds, and certain foreign investments.
House Bill 978, which was passed by the General Assembly and signed by me today,
accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate
Bill 763.
Sincerely,
Parris N. Glendening
Governor
Senate Bill No. 763
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:
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