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 695 - Financial Guaranty Insurance Companies - Definition and Home Office Requirement.

This bill allows financial guaranty insurance companies to have a home office outside the State by altering the definition of a "financial guaranty insurance company" to mean an insurer that derives at least 90% of its gross written premium from the business of financial guaranty insurance and financial guaranty reinsurance.

House Bill 937, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate Bill 695.

Parris N. Glendening