A. A domestic insurer may invest in interests in tangible personal property for the production of income, evidenced by trust certificates or other instruments.
B. The investments shall be accompanied by (i) a right to receive rental, charter hire, purchase or other payments for the use or purchase of the personal property, (ii) a valid, binding and enforceable contract or lease for the purchase or use of the tangible personal property, and (iii) a provision for contractual payments to be made that will return the cost of the property and provide earnings on the investments within the anticipated useful life of the property which shall be at least three years.
C. The payments must be made payable or guaranteed by one or more domestic governmental entities or business entities whose obligations would qualify for investment under § 38.2-1421.
D. The unit cost of such property shall not be less than $25,000, and the cost of all property covered by any single contract or lease shall not be less than $100,000.
E. The tangible personal property shall not include furniture or fixtures.
1983, c. 457, § 38.1-217.43; 1986, c. 562; 1992, c. 588.
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