§ 24-A §1156 — Reserve and other investments

1.
Standard of care.
When investing the assets of an insurer, the directors and officers of the insurer shall perform their duties in good faith and with that degree of care that an ordinarily prudent person in a like position would use under similar circumstances.
2.
Investment classes.
Subject to section 1155, the assets of an insurer may be invested in the following classes, subject to the percentage limitations contained in this subsection:
3.
Determination of eligibility.
The eligibility of any investment under any paragraph of subsection 2 must be determined at the time of acquisition, except that investments qualified under subsection 2, paragraph H, may be requalified at a later date under another provision of this chapter, if the relevant conditions are satisfied at the time of such requalification.

Legislative History

PL 1987, c. 399, §14 (NEW). PL 1993, c. 313, §§26-28 (AMD). PL 1999, c. 715, §§12,13 (AMD). PL 2001, c. 72, §14 (AMD). PL 2001, c. 471, §§A27,D24 (AMD).