May 22, 2003

The Honorable Michael E. Busch
Speaker of the House
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, today I have vetoed House Bill 551 - Life Insurance - Separate Investment Accounts - Asset Holding Requirements. This bill requires life insurers that offer specified investment accounts to hold assets that equal or exceed specified reserve requirements; requires that assets held for specified investment accounts be valued in accordance with specified provisions of the Insurance Article; and generally relates to asset holding requirements for separate investment accounts that provide a fixed guaranteed return that is not subject to market value adjustment.

Senate Bill 601, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 551.

Robert L. Ehrlich, Jr.