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Martin O'Malley, Governor
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Ch. 23
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CHAPTER 23
(House Bill 248)
AN ACT concerning
Life Insurance - Investment Accounts
FOR the purpose of expanding the scope of certain provisions of law that authorize a
life insurer to allocate to one or more separate investment accounts certain
amounts paid to the life insurer by repealing the requirement that the accounts
must be established or operated for the funding of certain qualified plans;
expanding the authority of a separate investment account or a segregated asset
account to make investments for the account by repealing a requirement that
the plan of operation in which the investments must be specified must be issued
to a qualified plan; repealing a certain definition; clarifying language; making
technical and conforming changes; and generally relating to investments of life
insurers.
BY repealing and reenacting, with amendments,
Article - Insurance
Section 5-512
Annotated Code of Maryland
(2003 Replacement Volume and 2006 Supplement)
BY repealing and reenacting, with amendments,
Article — Insurance
Section 16-113(d)(3) and 16-602(a)(1)
Annotated Code of Maryland
(2006 Replacement Volume and 2006 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
5-512.
[(a) In this section, "qualified plan" means a pension, retirement, or
profit-sharing plan or agreement that:
(1) meets the requirements for qualification under § 401, § 403, or §
414 of the United States Internal Revenue Code or any corresponding provisions of
prior or subsequent federal revenue laws; and
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- 769 -
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