A domestic insurer may invest in shares of common stock or units of beneficial interest issued by any solvent business corporation or trust incorporated or organized under the laws of the United States, or of any state of the United States, under the following conditions:
1. If the issuing corporation or trust is advised by an investment advisor which is the insurer or an affiliate of the insurer, the issuing corporation or trust shall have assets of $100,000 or more (which may be provided by the insurer or affiliate), or if the issuing corporation or trust has an unaffiliated investment advisor, the issuing corporation or trust shall have net assets of ten million dollars or more, and
2. The issuing corporation or trust is registered as an investment company with the Federal Securities and Exchange Commission under the Investment Company Act of 1940, as amended.
1992, c. 588; 2002, c. 147.
Structure Code of Virginia
§ 38.2-1400. Scope and purpose of chapter
§ 38.2-1402. Authority to invest; classification of investments by category
§ 38.2-1403. Category 2 investments limits
§ 38.2-1404. Classification of existing investments
§ 38.2-1405. Dates of determination
§ 38.2-1406. Investment conversions
§ 38.2-1407. Prohibited investments
§ 38.2-1408. Authorization of investments
§ 38.2-1409. Powers with respect to property
§ 38.2-1410. Items not deemed to be prior liens or encumbrances
§ 38.2-1411.1. Investment limits generally
§ 38.2-1411.2. Investment limits in medium grade and lower grade obligations
§ 38.2-1413. Investment limits for one obligor, one issue or one loan
§ 38.2-1414. Limits by type of investment
§ 38.2-1415. Obligations of domestic governmental entities
§ 38.2-1416. Canadian governmental obligations
§ 38.2-1417. Canadian corporate obligations
§ 38.2-1418. Obligations of certain international agencies
§ 38.2-1419. Railroad terminal and other securities
§ 38.2-1420. Transportation equipment trust certificates
§ 38.2-1421. Business entity obligations
§ 38.2-1422. Obligations secured by certain leases
§ 38.2-1424. Guaranteed stocks
§ 38.2-1425. Common stock of banks or trust companies
§ 38.2-1426. Application of earnings tests
§ 38.2-1427. Common stock; covered call options
§ 38.2-1427.1. Limited partnerships
§ 38.2-1427.2. Investment company shares and units of beneficial interest
§ 38.2-1427.3. Investment authority; subsidiary corporations
§ 38.2-1428. Derivative instruments
§ 38.2-1429. Lending of securities
§ 38.2-1432. Savings, certificates, etc.
§ 38.2-1433. Foreign securities
§ 38.2-1435. Second mortgages; wrap-around mortgages
§ 38.2-1436. Mortgage participations
§ 38.2-1437. Limitations on mortgages
§ 38.2-1437.1. Mortgage pass-through securities
§ 38.2-1438. Renewals and extensions when value of property decreases
§ 38.2-1439. Chattel mortgages
§ 38.2-1440. Investment in personal property
§ 38.2-1442. Guaranty association obligations
§ 38.2-1445. Separate accounts deemed Category 1 investments