The Honorable Casper R. Taylor, Jr.
Speaker of the House
Annapolis MD 21401
Dear Mr. Speaker:
In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed House Bill 798.
This bill authorizes a life insurers' separate investment account for qualified plans and segregated asset account to invest in any investments contractually permitted for the account and specified in the plan of operations. The bill also provides that the assets of the separate investment account equal to the reserves and contract liabilities may not be used for liabilities arising out of any other business the insurer conducts.
Senate Bill 483, which was passed by the General Assembly and signed by me on May 27, 1999, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 798.
Parris N. Glendening