§ 27-41-34.1 — Particular Investments - Oil and Gas Producing Properties and Facilities

Alabama § 27-41-34.1

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 41: Investments of Domestic Insurers and Health Maintenance Organizations

Text

(a) An insurer may invest in properties and facilities, and any interest and rights in such properties and facilities, for the development and production of fossil or synthetic fuel or other minerals, whether or not the extraction would deplete the surface of such properties, including, but not limited to, investments relating to:
(1) The exploration for and development and production of such fuel and minerals, and
(2) Ownership and control of such property, facilities, interest, and rights.
(b) An insurer shall not have at any one time any single investment or combination of investments permitted under subsection (a) of this section aggregating in cost to the insurer in excess of five percent of the amount by which the admitted assets of such insurer exceed $50,000,000.00 (excluding in the computation of assets investments permitted under subsection (a) above).

Legislative History

(Acts 1983, No. 83-522, p. 810, §1; Acts 1983, No. 83-669, p. 1034, §1.)