.01 Definitions.

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.