May 26, 2005
The Honorable Michael E. Busch
Speaker of the House
State House
Annapolis, MD 21401
Dear Mr. Speaker:
In accordance with Article II, Section 17 of the Maryland Constitution, today I have vetoed House Bill 1192 - This bill provides for the calculation of the minimum nonforfeiture amount under specified annuity contracts and provides for calculating and imposing specified conditions on the interest rate used in determining the minimum nonforfeiture amount under an annuity contract. It also requires an insurer to provide specified information regarding the redetermination of an interest rate in an annuity contract and provides for calculating and imposing specified conditions on benefits for annuity contracts.
Senate Bill 662, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 1192.
Very truly yours,
Robert L. Ehrlich, Jr.
Governor