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2007 Laws of Maryland
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Ch. 22
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[(k)] (I) (1) Investments made with respect to separate investment
accounts shall be valued for the purpose of any valuation required by this article:
(i) at the market value of the investment on the date of the
valuation; or
(ii) if there is no readily available market, in accordance with
the terms of the written agreement referred to in subsection [(c)] (A) 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 title.
16-113.
(d) (3) Amounts allocated to a separate account and any resulting
accumulations may be invested and reinvested subject only to §§ 5-506, 5-507, and
[5-512(d), (g), (h), (i), (j), and (k)] 5-512(B), (E), (F), (G), (H), AND (I) of this article
and regulations adopted under subsection (e) of this section.
16-602.
(a) (1) A segregated asset account may invest in any investments
contractually permitted for the segregated asset account and specified in [the] A plan
of operation [issued to a qualified plan, as defined in § 5-512(a) of this article], and
the restrictions, limitations, and other provisions of this article relating to investments
shall not apply to the investments contained in the segregated asset 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.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2007.
Approved by the Governor, April 10, 2007.
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-768 -
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