33-12-107. Valuation of investments
33-12-107. Valuation of investments. For the purposes of this chapter, the value or amount of an investment acquired or held under this chapter or an investment practice engaged in under this chapter, unless otherwise specified in statute, must be the value at which assets of an insurer are required to be reported for statutory accounting purposes […]
33-12-108. Presumption of control
33-12-108. Presumption of control. Control is presumed to exist if a person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing 10% or more of the voting securities of another person. This presumption may be rebutted by a showing that control does not exist in fact. The commissioner may determine, […]
33-12-109. Credit risk attributable to derivative statement
33-12-109. Credit risk attributable to derivative statement. (1) The amount of credit risk equals: (a) the market value of the over-the-counter derivative instrument if the liquidation of the derivative instrument would result in a final cash payment to the insurer; or (b) zero if the liquidation of the derivative instrument would not result in a final cash payment […]
33-12-110. Special rated credit instrument
33-12-110. Special rated credit instrument. (1) (a) Subject to subsection (1)(b), a rated credit instrument is a special rated credit instrument if it is an instrument that is: (i) structured so that if it is held until retired by or on behalf of the issuer, its rate of return, based on its purchase cost and any cash flow […]
33-12-111. Rules
33-12-111. Rules. The commissioner may adopt rules implementing the provisions of this chapter. History: En. Sec. 11, Ch. 304, L. 1999.
33-12-112. Foreign and alien insurers
33-12-112. Foreign and alien insurers. A foreign insurer or an alien insurer, as those terms are defined in 33-1-201, shall maintain its investments according to the laws of its domicile. For purposes of this section, an alien insurer shall claim as its domicile the state where it maintains its principal deposit. History: En. Sec. 12, Ch. 304, […]
33-12-113. Indemnification agreement
33-12-113. Indemnification agreement. An insurer may contract with any national or state bank, trust company, or securities brokerage firm to act as custodian for the insurer’s securities. The contract must contain an indemnification agreement stating that the custodian is obligated to indemnify the insurer for any loss of the insurer’s securities in its custody resulting from […]
33-12-101. Purpose and scope
33-12-101. Purpose and scope. (1) The purpose of this chapter is to protect the interests of insureds by promoting insurer solvency and financial strength. This purpose will be accomplished through the application of investment standards that facilitate a reasonable balance of the following objectives: (a) to preserve principal; (b) to ensure reasonable diversification as to type of investment, […]
33-12-102. Definitions
33-12-102. Definitions. As used in this chapter, the following definitions apply: (1) ”Acceptable collateral” means: (a) (i) as to securities lending transactions and for the purpose of calculating the counterparty exposure amount, cash, cash equivalents, letters of credit, or direct obligations of or securities that are fully guaranteed as to principal and interest by the government of the […]
33-12-103. General investment qualifications
33-12-103. General investment qualifications. (1) Insurers may acquire, hold, or invest in investments or engage in investment practices as set forth in this chapter. Investments not conforming to this chapter may not be admitted assets. Affiliate investments under 33-2-1103, other than those investments made by or on behalf of domestic insurers, are not subject to this […]