An insurer may invest in bonds, debentures, or other evidences of indebtedness of local public housing authorities existing under the laws of the United States or of any state if such obligations are:
(1) Secured by a pledge of annual contributions unconditionally payable under the annual contributions contract between the Department of Housing and Urban Development and the local agencies issuing the bonds;
(2) Unconditionally guaranteed by the state, municipality, or political subdivision creating the authority, if the tax supported obligations of such state, municipality, or political subdivision so guaranteeing would be eligible for investment under this chapter; or
(3) Secured by payments to be made sufficient to pay principal and interest on the bonds under an "assistance contract" between the local authority and the state, municipality, or other political subdivision creating the authority; provided, the tax supported obligations of the assisting state, municipality, or political subdivision would be eligible for investment under this chapter.
Structure Code of Alabama
Chapter 41 - Investments of Life, Disability and Burial Insurance Companies.
Section 27-41-1 - Applicability of Chapter.
Section 27-41-2 - Definitions.
Section 27-41-4 - General Requirements as to Eligibility of Investments.
Section 27-41-5 - Authorization of Investments by Board of Directors, Etc.
Section 27-41-6 - Limitations Upon Investments Generally.
Section 27-41-7 - Particular Investments - Bonds, Notes, etc., of United States.
Section 27-41-8 - Particular Investments - Loans Guaranteed by United States.
Section 27-41-11 - Particular Investments - Bonds, etc., of Local Public Housing Authorities.
Section 27-41-18 - Particular Investments - American Insurance Stocks.
Section 27-41-21 - Particular Investments - Obligations of Religious Institutions or Societies.
Section 27-41-25 - Particular Investments - Policy Loans.
Section 27-41-27 - Particular Investments - Securities, etc., of Foreign Countries.
Section 27-41-31 - Particular Investments - Data Processing and Accounting Systems.
Section 27-41-33 - Particular Investments - Loans on Personal Property; Chattel Mortgages.
Section 27-41-34 - Particular Investments - Real Estate.
Section 27-41-34.1 - Particular Investments - Oil and Gas Producing Properties and Facilities.
Section 27-41-35 - Miscellaneous Investments.
Section 27-41-37 - Investments of Mutual Aid Associations - Generally.
Section 27-41-39 - Investments of Foreign and Alien Insurers; Cash Equivalents.