CHAPTER 307

S.P. 121 - L.D. 342

An Act to Amend the Law Relating to Annuities

Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and

Whereas, national financial markets have been severely and adversely affected as the result of the events of September 11, 2001, and those events have affected the economy of the State; and

Whereas, events surrounding recent improprieties by major publicly traded companies such as Enron have severely and adversely affected national financial markets and those events have affected the economy of the State; and

Whereas, as a result of these events, earnings on investment vehicles of all types have been significantly reduced, and this situation will continue to exist for the foreseeable future; and

Whereas, one financial investment vehicle essential to citizens of this State is annuities; and

Whereas, the availability of annuity contracts providing flexible considerations will become virtually nonexistent if the laws of this State are not changed to reflect current market conditions; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and