Colorado § 10-3-242 Qualified money market funds - definition

Colorado Statutes

§ 10-3-242 — Qualified money market funds - definition

Colorado·Title 10 Insurance·Art. Regulation of Insurance Companies

(1)As used in this section, qualified money market fund means a mutual fund that complies with 17 CFR 270.2a-7, as amended, and that is registered under the federal Investment Company Act of 1940, 15 U.S.C. sec. 80a-1 et seq., as amended. A domestic insurance company may invest in the shares of any one or more qualified money market funds subject to the following limitations:

(a)(I) A domestic insurance company may invest in qualified money market funds that, at the time the investment is made, are either:

(A)Qualified money market funds that invest only in obligations issued, guaranteed, or insured by the federal government of the United States or in collateralized repurchase agreements composed of these obligations, and that qualify for investment without a reserve under th

Free access — add to your briefcase to read the full text and ask questions with AI

(1) As used in this
section, qualified money market fund means a mutual fund that complies with 17
CFR 270.2a-7, as amended, and that is registered under the federal Investment
Company Act of 1940, 15 U.S.C. sec. 80a-1 et seq., as amended. A domestic
insurance company may invest in the shares of any one or more qualified money
market funds subject to the following limitations:

(a) (I) A domestic insurance company may invest in qualified money market
funds that, at the time the investment is made, are either:

(A) Qualified money market funds that invest only in obligations issued,
guaranteed, or insured by the federal government of the United States or in
collateralized repurchase agreements composed of these obligations, and that
qualify for investment without a reserve under the purposes and procedures
manual of the securities valuation office of the National Association of Insurance
Commissioners; or

(B) Qualified money market funds that qualify for investment using the bond
class one reserve factor under the purposes and procedures manual of the
securities valuation office of the National Association of Insurance Commissioners.

(II) Investments in the shares of any one qualified money market fund
qualifying under this subsection (1)(a) must not exceed ten percent of the domestic
insurance company's total admitted assets.

(b) Investments in shares of any one qualified money market fund not
qualified under subsection (1)(a) of this section must not exceed five percent of the
domestic insurance company's total admitted assets. The aggregate value of all
shares that may be admitted assets under this subsection (1)(b) must not exceed
ten percent of the company's total admitted assets.

(c) At the time of an investment in a qualified money market fund under this
section, the aggregate value of a domestic insurance company's investment in the
fund must not exceed five percent of the shares of the fund.

(2) to (4) (Deleted by amendment, L. 2000, p. 1731, � 5, effective August 15,
2000.)

Colorado § 10-3-242 (Qualified money market funds - definition) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 85: Entire section added, p. 379, � 1, effective May 1. L. 96: (1) amended, p. 555, � 4, effective April 24. L. 2000: Entire section amended, p. 1731, � 5, effective August 15. L. 2020: (1) amended, (HB 20-1136), ch. 87, p. 353, � 9, effective September 14.