ROBERT L. EHRLICH, JR., Governor                           H.B. 965

public notice shall be provided to the governing body of the county and any regional
and State planning agencies having jurisdiction within the county. Each of these
agencies and jurisdictions shall have the first right to be heard at the scheduled
public hearing, after which the hearing shall be open to the general public.

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

May 22, 2003

The Honorable Michael E. Busch
Speaker of the House
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, today I have
vetoed House Bill 965 - Insurers - Assets and Investments - Location.

This bill alters the exceptions to the types of assets that domestic insurers with their
home or executive offices in the State are required to keep in the State; repeals the
15% limitation on the amount of admitted assets that a domestic insurer may keep
outside of the State; and alters the conditions under which the reserve investments of
a life insurer may include derivative transactions.

Senate Bill 652, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign House
Bill 965.

Sincerely,

Robert L. Ehrlich, Jr.

Governor

House Bill No. 965

AN ACT concerning

Insurers - Assets and Investments - Location

FOR the purpose of altering the exceptions to the types of assets that certain domestic
insurers are required to keep in the State; repealing a certain limitation on the
amount of admitted assets that a domestic insurer may keep outside of the
State; altering the conditions under which the reserve investments of a life
insurer may include derivative transactions; and generally relating to the assets
and investments of insurers.

BY repealing and reenacting, with amendments,
Article - Insurance

Section 4-115(c), (d), and (e) and 5-511(o)
Annotated Code of Maryland

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