§ 3461. Definitions As used in this chapter: (1) “Admitted assets” means assets permitted to be reported as admitted assets on the annual statutory financial statement of the insurer for the next preceding year or as shown by a current financial statement. (2) “Appraised” or “appraised value” when used in connection with real estate shall […]
§ 3461a. General limitations and diversification requirements for property and casualty, financial guaranty and mortgage guaranty insurers (a) General five percent diversification. (1) Except as otherwise specified in this subchapter, a domestic property and casualty, financial guaranty or mortgage guaranty insurer shall not acquire directly or indirectly through an investment subsidiary an investment under this […]
§ 3461b. General limitations and diversification requirements for life and health insurers (a) General three percent diversification. (1) Except as otherwise specified in this subchapter, a domestic life and health insurer shall not acquire, directly or indirectly through an investment subsidiary, an investment under this subchapter if, as a result of and after giving effect […]
§ 3461c. Rated credit investments Subject to the limitations of subdivision (6) of this section, an insurer may acquire rated credit instruments. (1) Subject to applicable limitations of subsection 3461a(b) or 3461b(b) of this subchapter, but not the limitations of subsection 3461a(a) or 3461b(a), an insurer may acquire rated credit instruments issued, assumed, guaranteed or […]
§ 3461d. Registration or filing exemption Notwithstanding the provisions of any other section of subchapter 4 of this chapter, an insurer shall not be required to register or file with the SVO any security that meets and continues to meet the conditions for exemption for certain nationally recognized statistical rating organization rated securities consistent with […]
§ 3462. Investments—Foreign insurers The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile if of a quality substantially as high as that required under this chapter for similar funds of like domestic insurers. (1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 2).)
§ 3463. Domestic insurers (a) Subject to the provisions of sections 3461a, 3461b, and 3461c of this title, a domestic insurer, including a hospital service corporation established or licensed under the provisions of chapter 123 of this title and a medical service corporation established or licensed under the provisions of chapter 125 of this title, […]
§ 3463a. Valuation of investments Investments of domestic insurers shall be valued in accordance with the valuation procedures established by the National Association of Insurance Commissioners, unless the Commissioner requires or finds another method of valuation that is not inconsistent with the valuation method promulgated by the National Association of Insurance Commissioners and is reasonable […]
§ 3465. Exemption from investment limitations (a) Nothing in this chapter or other statute law of the State shall be construed as denying to an insurer the right to invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of time may be reasonably necessary to […]
§ 3467. Qualification of investments (a) Any restriction, exclusion, or provision appearing in any section of this chapter shall apply only with respect to the authorization of the particular section in which it appears and shall not be applicable to any other section. The qualification or disqualification of an investment under one section shall not […]
§ 3468. Investments qualified under prior law The provisions of this chapter shall not affect or operate to disqualify any investment which an insurer has made or which it is legally obligated to acquire prior to the effective date of this subchapter; provided, however, that an insurer at its option may transfer any previously made […]
§ 3469. Loans to directors and officers—Restrictions No domestic insurer shall invest in or loan upon any property, directly or indirectly, whether real or personal, in which any officer or director of such insurer has a financial interest, nor shall any such insurer make a loan of any kind to any officer or director of […]
§ 3470. Mortgage loans to minors An insurer is hereby authorized to make loans secured by a mortgage on real estate to a husband and wife where either or both is a minor 18 years old or over and where said real estate is to be used as a home by said husband and wife, […]
§ 3471. Mortgages on real and personal property as liens; priorities Any mortgages acquired by an insurer on real or personal property so written as to secure a present debt and any future advances by the mortgagee or an assignee shall be a lien upon the mortgaged property for the full amount of debt directly […]
§ 3472. Earnings statements and income ratios—Special situations In the application of the provisions and requirements of this subchapter to determine whether a particular investment in any corporation, association, or institution is qualified the following shall be applicable: (1) When a corporation, association, or institution, whether or not it has been in existence during the […]
