§ 23-63-834. Cancellation of treasury stock
(a) By resolution of its board of directors, any legal reserve life insurance company may cancel at any time all or any part of its treasury shares. (b) (1) In such an event, a statement of cancellation shall be filed as provided in this section. (2) Any statement of cancellation shall be executed and filed […]
§ 23-63-835. Investments of foreign insurers
(a) The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile but shall be of a quality substantially as high as those required under this subchapter for similar funds of like domestic insurers. (b) For the purposes of this section, the domicile of an alien insurer shall […]
§ 23-63-836. Certificates of deposit
An insurer may invest in certificates of deposit or similar depository instruments issued by any bank, bank and trust company, savings bank, national bank association, savings and loan association incorporated under the laws of a state, or federal savings and loan association incorporated under the laws of the United States.
§ 23-63-837. Property and facilities for fossil or synthetic fuel production
(a) An insurer may invest in property and facilities, and any interests and rights in properties and facilities, for the development and production of fossil or synthetic fuel or other minerals, including, but not limited to, investments relating to: (1) The exploration for and development and production of those fuels and minerals; and (2) Ownership […]
§ 23-63-839. Negotiable bills of exchange or time drafts
An insurer may invest in negotiable bills of exchange or time drafts issued and unconditionally guaranteed by any bank, bank and trust company, national bank association, or domestic branch or agency of a foreign bank subject to reserve requirements under section 7 of the International Banking Act of 1978, as amended, provided that: (1) The […]
§ 23-63-840. Mortgage-backed securities
(a) An insurer may invest in mortgage-backed securities, including without limitation collateralized mortgage obligations and other obligations for the payment of money secured by participation certificates or loans secured, directly or indirectly, by real estate mortgages or deeds of trust if, at the time the investment is made: (1) The entity issuing the obligation is […]
§ 23-63-841. Derivative transactions
(a) As used in this section: (1) “Cap” means an agreement obligating the seller to make payments to the buyer with each payment based on the amount by which a reference price or level or the performance or value of one (1) or more underlying interests exceeds a predetermined number, sometimes called the strike rate […]
§ 23-63-842. Asset-backed securities — Definitions
(a) As used in this section: (1) (A) “Asset-backed security” means any security or other instrument representing or evidencing an interest in, a loan to, a participation in a loan to, or any other right to receive payments from a borrower included in a pool of obligations held by an issuer that has a primary […]
§ 23-63-815. Preferred or guaranteed stock
(a) An insurer may invest in preferred or guaranteed stocks or shares of any solvent institution existing under the laws of the United States or of Canada, or of any state or province thereof, if at the date of the acquisition of the investment by the insurer: (1) The net earnings of the institution available […]
§ 23-63-831. Failure to dispose of real estate, property, or securities
(a) Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal thereof, or any extension of the period granted by the Insurance Commissioner as provided in § 23-63-829 or § 23-63-830, or any investments otherwise lawful which are in excess of the aggregate amount […]