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Martin O'Malley, Governor
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Ch. 22
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investments contained in the separate investment account, provided that prior to
delivery or issuance for delivery in the State, the form of the policy or annuity contract
and the plan of operation [has] HAVE been filed with and approved by the
Commissioner.
[(f)] (D) Unless a life insurer limits its liability under the guarantee to the
interest of the contract holder in the investments, a life insurer may not guarantee:
(1) the value of amounts allocated to a separate investment account;
or
(2) the value of investments of the amounts allocated to the separate
investment account or the income from the investments.
[(g)] (E) (1) A life insurer owns the amounts that the life insurer
allocates to a separate investment account under this section.
(2) A life insurer may not be or hold itself out to be a trustee of the
amounts allocated to the separate investment account.
(3) To the extent provided under the applicable contracts, the part of
the assets of the separate investment account equal to the reserves and other contract
liabilities with respect to the account may not be chargeable with liabilities arising out
of any other business that the insurer may conduct.
[(h)] (F) At all times, the investments and liabilities of each separate
investment account shall be clearly identifiable and distinguishable on the books of
the life insurer from other investments and liabilities of the life insurer.
[(i)] (G) Unless the Commissioner approves, a life insurer may not transfer
by sale, exchange, substitution, or otherwise from one investment account to another
investment account an investment in any separate investment account or in the
general investment account of the life insurer.
[(j)] (H) (1) In connection with the allocation of investments or expenses
or in any other manner, a life insurer may not discriminate unfairly between:
(i) separate investment accounts; or
(ii) a separate investment account and the life insurer's general
investment account.
(2) This subsection does not require a life insurer to follow uniform
investment policies for its accounts.
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- 767 -
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