Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 09 - LIFE INSURANCE AND ANNUITIES
Chapter 31.09.10 - Separate Account Investments under Funding Agreements
Section 31.09.10.01 - Definitions
Universal Citation: MD Code Reg 31.09.10.01
Current through Register Vol. 51, No. 19, September 20, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Funding agreement" means a contract described in Insurance Article, §
16-113, Annotated Code of Maryland, whereby an insurer may accept and accumulate funds and make one or more payments at future dates in amounts that are not based on mortality or morbidity contingencies.
(2) "Separate account" means an account:
(a) That is segregated from, and maintained separately from, an insurer's general account; and
(b) To which amounts paid to a Maryland-domiciled insurer under a funding agreement are allocated, as authorized by Insurance Article, §
16-113, Annotated Code of Maryland.
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