§ 16-113. Funding agreements
West's Annotated Code of MarylandInsuranceEffective: July 1, 2007
Effective: July 1, 2007
MD Code, Insurance, § 16-113
§ 16-113. Funding agreements
(a) Subject to the approval of the Commissioner, an insurer authorized to deliver or issue for delivery an annuity contract in the State may deliver or issue for delivery funding agreements.
(b) A funding agreement may be issued to:
(i) benefits directly or indirectly under an employee benefit plan, as defined in the federal Employee Retirement Income Security Act of 1974,1 that is maintained in the United States, or under a similar plan maintained in a foreign country;
(c)(1) An amount may not be guaranteed or credited under a funding agreement except on a reasonable assumption as to investment income and expenses and on a basis equitable to all holders of funding agreements of a given class.
(d)(1) Under a funding agreement, an insurer may allocate amounts paid to the insurer and proceeds applied under optional modes of settlement to the insurer's general account or to one or more separate accounts.
(e)(1) The Commissioner may adopt regulations governing:
(f)(1) The issuance or delivery of a funding agreement is not the business of life insurance, annuities, health insurance, property insurance, casualty insurance, surety insurance, marine insurance, wet marine and transportation insurance, title insurance, or reinsurance, but is an insurance business.
Credits
Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 1998, c. 756, § 1, eff. June 1, 1998; Acts 2007, c. 22, § 1, eff. July 1, 2007; Acts 2007, c. 23, § 1, eff. July 1, 2007.
Formerly Art. 48A, § 416B.
Footnotes
Pub.L. 93-406, Sept. 2, 1974, 88 Stat. 829, codified at 29 U.S.C.A. § 1001 et seq.
MD Code, Insurance, § 16-113, MD INSURANCE § 16-113
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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