A. A Maryland-domiciled insurer may not issue a funding agreement for which a separate account will be used unless prior to delivery or issuance for delivery in the State, the form of the contract and the plan of operation have been filed with and approved by the Commissioner.
B. A Maryland-domiciled insurer shall include in its plan of operation for a funding agreement for which a separate account will be used a statement of investment policy for the separate account and any supplemental account, including:
(1) Requirements for diversification, maturity, type, and quality of assets; and
(2) As applicable, target duration for matching funding agreement liabilities or the degree to which the investment policy is likely to match the performance of an interest rate series or index on which the funding agreement is based.