§ 1409. Limitation of investments.
(a)Except as more specifically\nprovided in this chapter, no domestic insurer shall have more than ten\npercent of its admitted assets as shown by its last statement on file\nwith the superintendent invested in, or loaned upon, the securities\n(including for this purpose certificates of deposit, partnership\ninterests and other equity interests) of any one institution.\n (b) The restriction of subsection (a) hereof shall not apply to the\nclasses of governmental obligations (including obligations secured by\nmortgages upon real property guaranteed or insured under the National\nHousing Act, 12 U.S.C. §§ 1701-1750) eligible for minimum capital or\nsurplus to policyholder investments pursuant to the provisions of\nsection one thousand four hundred two o Free access — add to your briefcase to read the full text and ask questions with AI
§ 1409. Limitation of investments. (a) Except as more specifically\nprovided in this chapter, no domestic insurer shall have more than ten\npercent of its admitted assets as shown by its last statement on file\nwith the superintendent invested in, or loaned upon, the securities\n(including for this purpose certificates of deposit, partnership\ninterests and other equity interests) of any one institution.\n (b) The restriction of subsection (a) hereof shall not apply to the\nclasses of governmental obligations (including obligations secured by\nmortgages upon real property guaranteed or insured under the National\nHousing Act, 12 U.S.C. §§ 1701-1750) eligible for minimum capital or\nsurplus to policyholder investments pursuant to the provisions of\nsection one thousand four hundred two of this article nor to investments\nin shares of other insurance companies pursuant to the provisions of\nsection one thousand four hundred eight of this article.\n (c) The limitations of investments set forth in this section shall not\napply to mortgage-related securities or securities issued or guaranteed\nby the Federal Home Loan Mortgage Corporation or the Federal National\nMortgage Association; provided, however, that for an insurer maintaining\nan aggregate investment in excess of seventy percent of its admitted\nassets as shown by its last statement on file with the superintendent in\nsuch securities, the balance of such investments greater than seventy\npercent thereon shall be limited by and apportioned according to a ratio\nof one to two respectively, between investment in such securities and\ninvestment in government obligations, as that term is defined in\nparagraph one of subsection (a) of section fourteen hundred four of this\nchapter.\n (d) The superintendent shall not promulgate any rules or regulations\nto limit or otherwise alter the provisions of paragraph two of\nsubsection (a) of section fourteen hundred one of this article or\nsubsection (c) of this section. The superintendent shall not promulgate\nany rules or regulations that limit the authority of any insurer to\ninvest in mortgage related securities.\n