HB0175 - Insurance-investments.

 

2001

State of Wyoming

01LSO-0519

 

 

 

HOUSE BILL NO.  HB0175

 

 

Insurance-investments.

 

Sponsored by:  Representative(s) Slater and Nicholas and
Senator(s) Devin

 

 

A BILL

 

for

 

 1  AN ACT relating to insurance; providing an additional form
 2  of investment meets general qualifications for investment
 3  by an insurer; authorizing an additional form of investment
 4  by an insurer; and providing for an effective date.

 5 

 6  Be It Enacted by the Legislature of the State of Wyoming:

 7 

 8         Section 1.  W.S. 26-7-104(a) and 26-7-107(a) by
 9  creating a new paragraph (xv) are amended to read:

10 

11         26-7-104.  General qualifications for investments.

12 

13         (a)  No security or investment, other than property
14  acquired under W.S. 26-7-107(a)(xiii), is eligible for
15  acquisition unless it is interest bearing or interest
16  accruing or dividend or income paying, is not then in

 

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 1  default and the insurer is entitled to receive for its
 2  exclusive account and benefit the interest or income
 3  accruing thereon. Any stock which has the ability to
 4  appreciate in value shall be considered to be income paying
 5  for purposes of this subsection.

 6 

 7         26-7-107.  Authorized investments.

 8 

 9         (a)  An insurer may invest in:

10 

11              (xv)  Nonassessable common stocks, other than
12  insurance stocks, of any solvent corporation organized and
13  existing under the laws of any foreign country, any such
14  investment to be subject to the limitations of W.S.
15  26-7-106. At any one time, the aggregate amount of foreign
16  investments shall not exceed twenty percent (20%) of the
17  insurer's admitted assets.

18 

19         Section 2.  This act is effective July 1, 2001.

20 

21                         (END)

 

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