Md. Code Regs. 31.09.10.03

Current through Register Vol. 51, No. 24, December 2, 2024

Section 31.09.10.03 - Investment Requirements

A. Application of Insurance Article, § 5-511, Annotated Code of Maryland.

(1) Subject to §A(2) of this regulation, and Insurance Article, § 16-113(d)(3), Annotated Code of Maryland, amounts allocated to a separate account and any resulting accumulations shall be invested and reinvested in accordance with the classes of investments, and the limitations on classes of investments, set forth in Insurance Article, § 5-511, Annotated Code of Maryland.

(2) For the purpose of applying Insurance Article, § 5-511, Annotated Code of Maryland, pursuant to §A(1) of this regulation, separate account assets shall be treated as admitted assets and be subject to the requirements and limitations of Insurance Article, § 5-511, Annotated Code of Maryland, that apply to admitted assets.

B. Notwithstanding §A of this regulation, amounts allocated to a separate account and any resulting accumulations are not subject to the requirements and limitations set forth in Insurance Article, § 5-511, Annotated Code of Maryland if the insurer obtains:

(1) Prior approval from the Commissioner for the amounts not to be subject to the requirements and limitations set forth in Insurance Article, § 5-511, Annotated Code of Maryland; and

(2) Written consent of the holder of the funding agreement to the terms of the investment policy for the separate account.

Md. Code Regs. 31.09.10.03