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§ 16-602. Investments of segregated asset accounts

West's Annotated Code of MarylandInsuranceEffective: July 1, 2007

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 16. Life Insurance and Annuities
Subtitle 6. Variable Contracts (Refs & Annos)
Effective: July 1, 2007
MD Code, Insurance, § 16-602
§ 16-602. Investments of segregated asset accounts
In general
(a)(1) A segregated asset account may invest in any investments contractually permitted for the segregated asset account and specified in a plan of operation, 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 have been filed with and approved by the Commissioner.
(2) Preferred and common stock investments of amounts allocated to a segregated asset account may not be included in applying the 10% limitations under § 5-511(f) of this article.
Compliance with regulations
(b) The investments of a segregated asset account shall comply with the regulations of the Commissioner.
Part of assets equal to reserves not chargeable with liabilities
(c) To the extent provided under the applicable contracts, the part of the assets of a segregated asset 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.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 1999, c. 569, § 1, eff. Oct. 1, 1999; Acts 2007, c. 22, § 1, eff. July 1, 2007; Acts 2007, c. 23, § 1, eff. July 1, 2007.
Formerly Art. 48A, § 362.
MD Code, Insurance, § 16-602, MD INSURANCE § 16-602
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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