The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed Senate Bill 763 - Life Insurers - Classes of Reserve Investments.

This bill provides life insurers, under specified conditions, with additional avenues of investment for their reserves. Life insurers will be authorized to invest their reserves in securities lending, repurchase, reverse repurchase and dollar roll transactions with business entities, derivative transactions, money market mutual funds, certain asset backed securities and interest bearing bonds, and certain foreign investments.

House Bill 978, which was passed by the General Assembly and signed by me today, accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate Bill 763.

Parris N. Glendening