HOUSE BILL 551

Sponsored By:

Delegate Donoghue

Entitled:

Life Insurance - Separate Investment Accounts - Asset Holding Requirements

Synopsis:

Requiring life insurers that offer specified investment accounts to hold assets that equal or exceed specified reserve requirements; requiring that assets held for specified investment accounts be valued in accordance with specified provisions of the Insurance Article; and generally relating to asset holding requirements for separate investment accounts that provide a fixed guaranteed return that is not subject to market value adjustment.

History by Legislative Date

House Action

2/6

First Reading Health and Government Operations

2/19

Hearing 3/11 at 1:00 p.m.

3/14

Favorable Report by Health and Government Operations

3/17

Favorable Report Adopted

Second Reading Passed

3/19

Third Reading Passed (139-0)

3/30

Returned Passed

5/22

Governor vetoed - Cross-filed bill was signed

Senate Action

3/20

First Reading Finance

3/21

Hearing 3/27 at 1:00 p.m.

4/1

Favorable Report by Finance

3/30

Favorable Report Adopted

Second Reading Passed

3/31

Third Reading Passed (45-0)

Bill indexed under the following Subjects:

INSURANCE -see also- HEALTH INS; MAIF; MOTOR VEHICLE INS

INVESTMENTS -see also- SECURITIES

Bill affects the following Statute:

Insurance

( 5-512 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered

Roll Call Votes (Legislative dates are shown):

House

March 19, 2003: Third Reading Passed (139-0)

Senate

March 31, 2003: Third Reading Passed (45-0)