31.09.10.03

.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.