§ 33-11-60. Prohibited Investments and Activities
In addition to investments excluded or prohibited pursuant to other provisions of this article, an insurer shall not, directly or indirectly: Engage on its own behalf or through one or more affiliates in a transaction or series of transactions designed to evade the prohibitions of this article; or Invest in or lend its funds upon […]
§ 33-11-61. Using Investment Assets to Satisfy Minimum Assets Requirements; Qualification of Admitted Assets; Determining Financially Hazardous Insurer
Invested assets may be counted toward satisfaction of the minimum asset requirement only so far as they are invested in compliance with this article and applicable regulations promulgated and orders issued by the Commissioner pursuant to this article. Assets other than invested assets may be counted toward satisfaction of the minimum asset requirement at admitted […]
§ 33-11-62. Retention of Personnel to Assist Commissioner; Confidentiality
The Commissioner may retain at the insurer’s expense attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner’s staff as may be reasonably necessary to assist in reviewing the insurer’s investments. Persons so retained shall be under the direction and control of the Commissioner and shall act in a purely advisory capacity. […]
§ 33-11-63. Determination by Commissioner of Noncompliance; Reasonable Additional Restrictions; Consideration of Other Assets by Commissioner
If the Commissioner determines that an insurer’s investment practices do not meet the provisions of this article, the Commissioner may, after notification to the insurer of the Commissioner’s findings, order the insurer to make changes necessary to comply with the provisions of this article. If the Commissioner determines that by reason of the financial condition, […]
§ 33-11-64. Conditions Under Which Insurer Shall Not Acquire an Investment; Special Rated Credit Instruments
An insurer shall not acquire an investment under this article if, as a result of and after giving effect to the investment, the aggregate amount of all investments then held by the insurer under this article would exceed: For medium and lower grade investments, 20 percent of admitted assets; For lower grade investments, 10 percent […]
§ 33-11-65. Establishment of Separate Accounts by Domestic Life Insurance Companies
Any domestic life insurance company may establish one or more separate accounts and may allocate to such separate account or accounts, in accordance with the terms of a written agreement, any amounts paid to the company in connection with a pension, retirement, or profit-sharing plan, which is established by or in behalf of any group […]
§ 33-11-66. Cumulative Nature of Code Section; Variable Annuity Contract; Separate Accounts; Conduct of Business; Licensed or Organized to Do Business in State; Commissioner’s Role
This Code section is cumulative of and in addition to the authority granted by any other law of this state relating to separate accounts for insurance companies or to annuity contracts on a variable basis and shall not be deemed to repeal or affect the provisions of Code Section 33-11-65 dealing with the group variable […]
§ 33-11-67. Variable Contract Insurance Policies; Separate Accounts; Power of Company; Statement of Essential Features in Determining Benefits; Certificate of Authority; Commissioner’s Role; Insurance License Required
As used in this Code section, “variable life insurance policy” means any individual or group policy issued by an insurance company providing for life insurance and benefits incidental thereto, under which payments or values may vary in whole or in part so as to reflect investment results of any segregated portfolio of investments or of […]
§ 33-11-58. Percentage of Securities From Single Issuer; Assignment of Excesses; Compliance; Investment in Government Obligations
For purposes of determining compliance with Code Section 33-11-61, securities of a single issuer and its affiliates, other than: The government of the United States; or Government sponsored enterprises, shall not exceed 10 percent of admitted assets. This limitation shall not apply to the aggregate amounts insured by a single financial guaranty insurer with the […]
§ 33-11-59. Obligations in Different Currencies
An insurer doing business that requires it to make payment in different currencies shall have investments in securities in each of these currencies in an amount that independently of all other investments meets the requirements of this article as applied separately to the insurer’s obligations in each currency. The Commissioner may by order exempt an […]