33-12-311. Additional investment authority. (1) Under this section, an insurer may acquire investments, may engage in investment practices of any kind that are not specifically prohibited by this chapter, or may engage in investment practices without regard to any limitation in 33-12-302 through 33-12-309. However, an insurer may not acquire an investment or engage in an investment practice under this section if, as a result of and after giving effect to the transaction, the aggregate amount of the investments then held by the insurer under this section would exceed the greater of:
(a) its unrestricted surplus; or
(b) the lesser of:
(i) 10% of its admitted assets; or
(ii) 50% of its surplus as regards policyholders.
(2) An insurer may not acquire an investment or engage in an investment practice under subsection (1) if, as a result of and after giving effect to the transaction, the aggregate amount of all investments in any one person then held by the insurer under subsection (1) would exceed 5% of its admitted assets.
History: En. Sec. 35, Ch. 304, L. 1999.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 12. Insurer Investments
33-12-303. Rated credit instruments
33-12-304. Insurer investment pools
33-12-306. Tangible personal property under lease
33-12-308. Securities lending, repurchase, reverse repurchase, and dollar roll transactions
33-12-309. Foreign investments and foreign currency exposure
33-12-310. Derivative transactions
33-12-311. Additional investment authority
33-12-312. Reserve requirements -- authority of commissioner