Board of Trustees of Maryland Teachers & State Employees Supplemental Retirement Plans v. Life & Health Insurance Guaranty Corp.

RODOWSKY, Judge.

The question presented here is whether two guaranteed investment contracts (GICs) issued to the Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans (the Board) by Executive Life Insurance Company (ELIC) constituted “covered policies” under the Life and Health Insurance Guaranty Corporation Act, Maryland Code (1957,1994 RepLVol.), Art. 48A, §§ 520 through 537 (the Guaranty Act). The answer to the question presented turns on the construction of Art. 48A, § 65, defining “annuities” and an “annuity contract.” 1

The Board, created in 1985, is…