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PARRIS N. GLENDENING, Governor S.B. 763
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(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.
(2) A life insurer may not invest more than 5% of its total admitted
assets in obligations of the African Development Bank, Asian Development Bank,
Inter-American Development Bank, International Bank for Reconstruction and
Development, or International Finance Corporation.
(e) The reserve investments of a life insurer may include equipment trust
obligations or certificates or other secured instruments that evidence:
(1) an interest in transportation or other equipment located wholly or
partly within the United States or Canada; and
(2) a right to receive determined parts of rental, purchases, or other
fixed obligatory payments received for the use or purchase of the transportation or
other equipment.
(f) (1) Subject to paragraph (2) of this subsection, the reserve investments
of a life insurer may include [dividend-paying stock of a corporation created or
existing under the laws of the United States, Canada, a state, or a province of
Canada] EQUITY INTERESTS IN ANY BUSINESS ENTITY THAT IS ORGANIZED UNDER
THE LAWS OF THE UNITED STATES, ANY OF ITS STATES, CANADA, OR ANY PROVINCE
OR TERRITORY OF CANADA.
(2) To the extent necessary to satisfy the reserve requirements of this
subtitle, a life insurer may not have [more than:
(i) 10% of its total admitted assets in preferred stock;
(ii) 10% of its total admitted assets in common stock; or
(iii) 5% of its total admitted assets in the stock of any one
corporation] MORE THAN 20% OF ITS TOTAL ADMITTED ASSETS IN EQUITY
INTERESTS OR 5% OF ITS TOTAL ADMITTED ASSETS IN THE EQUITY INTERESTS OF
ANY ONE BUSINESS ENTITY.
(g) (1) The reserve investments of a life insurer may include loans secured
by first mortgages, or deeds of trust, on unencumbered fee-simple or improved
leasehold real estate in a state or a province of Canada in an amount not exceeding
85% of the fair market value of the real estate.
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- 4133 -
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