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Senate Bill 841 |
Senate Author: Hancock |
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Effective: 9-1-13 |
House Sponsor: Smithee |
Senate Bill 841 amends the Insurance Code to exempt an insurer from the prohibition against owning, developing, or holding an equity interest in any residential property or subdivision, single or multiunit family dwelling property, or undeveloped real property to subdivide for or develop residential, single or multiunit family dwellings if the insurer has admitted assets of $10 million or more.
Senate Bill 841 clarifies the authorization for an insurer other than a life, accident, and health insurer to invest the insurer's funds in excess of minimum capital and surplus in a foreign commonwealth, territory, or possession of the United States or a foreign country other than Canada or to invest in debt obligations and investments within one of those commonwealths, territories, possessions, or countries. The bill caps the aggregate amount of an insurer's debt obligations or investments within a single foreign jurisdiction, as to a debt obligation or investment within a foreign jurisdiction that is rated one or two by the securities valuation office, at 10 percent of the insurer's admitted assets and clarifies that the limitations on the investments apply to both foreign jurisdictions and foreign securities.