ROBERT L. EHRLICH, JR., Governor                             Ch. 194

1.       THE AGGREGATE AMOUNT OF LOWER GRADE
INVESTMENTS ISSUED, ASSUMED, GUARANTEED, ACCEPTED, OR INSURED BY ANY
ONE PERSON; OR

2.       ANY ASSET-BACKED SECURITIES SECURED BY OR
EVIDENCING AN INTEREST IN A SINGLE ASSET OR POOL OF ASSETS.

(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)] (6) of this subsection.

(6) ANY ASSET BEING REPLICATED IS SUBJECT TO ALL OF THE
PROVISIONS AND LIMITATIONS ON THE INVESTMENT AS IF THE REPLICATION
TRANSACTION CONSTITUTED A DIRECT INVESTMENT BY THE LIFE INSURER IN THE
REPLICATED ASSET.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2003.

Approved April 22, 2003.

CHAPTER 194
(House Bill 1042)

AN ACT concerning

Task Force to Study the Availability of Audiology and Speech-Language

Services

FOR the purpose of establishing the Task Force to Study the Availability of Audiology
and Speech-Language Services; specifying the composition, powers, and duties
of the Task Force; providing for the staffing of the Task Force; requiring the
Task Force to report its findings and recommendations to certain committees of
the General Assembly by a certain date; providing for the termination of this
Act; and generally relating to the Task Force to Study the Availability of
Audiology and Speech-Language Services.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(a)     There is a Task Force to Study the Availability of Audiology and Speech-
Language Services for children in kindergarten through grade 12 in the public schools
in the State.

(b)     The Task Force consists of the following 13 17 members:

(1) Two members of the Senate of Maryland, appointed by the President
of the Senate;

- 1503 -