ROBERT L. EHRLICH, JR., Governor

Ch. 107

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Insurance

5-512.

(k) (1) Investments made with respect to separate investment accounts
shall be valued for the purpose of any valuation required by this article:

[(1)](I) at the market value of the investment on the date of the
valuation; or

[(2)] (II) if there is no readily available market, in accordance with the
terms of the written agreement referred to in subsection (c) of this section.

(2) (I) IF A SEPARATE INVESTMENT ACCOUNT PROVIDES A FIXED
GUARANTEED RETURN THAT IS NOT SUBJECT TO MARKET VALUE ADJUSTMENT, THE
LIFE INSURER SHALL HOLD ASSETS THAT EQUAL OR EXCEED THE RESERVE AMOUNT
THAT WOULD BE REQUIRED IF THE SEPARATE INVESTMENT ACCOUNT WAS AN
OBLIGATION OF THE LIFE INSURER'S GENERAL ACCOUNT.

(II) AN ASSET HELD UNDER SUBPARAGRAPH (I) OF THIS
PARAGRAPH SHALL BE VALUED IN ACCORDANCE WITH §§ 5-401 AND 5-402 OF THIS
ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2003.

Approved April 22, 2003.

CHAPTER 107
(Senate Bill 633)

AN ACT concerning

Workers' Compensation - Occupational Disease - Baltimore City Deputy

Sheriffs

FOR the purpose of extending the presumption of a compensable occupational disease
under the workers' compensation law to include Baltimore City deputy sheriffs
who suffer from heart disease or hypertension resulting in partial or total
disability or death under certain circumstances; requiring that workers'
compensation benefits received under this Act are in addition to certain
retirement benefits, subject to a certain adjustment; requiring certain Baltimore
City deputy sheriffs to submit certain medical reports to the Baltimore City
Sheriff; and generally relating to compensability of Baltimore City deputy
sheriffs under the workers' compensation law.

BY repealing and reenacting, with amendments,

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