This text of Wyoming § 26-7-106 (Diversification of and limits on investments) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)An insurer shall invest in or hold as admitted assets
only categories of investments within applicable limits as
follows:
(i)No insurer shall have at any time any combination
of investments in or loans upon the security of the obligations,
property or securities of any one (1) person, institution,
corporation or municipal corporation aggregating an amount
exceeding five percent (5%) of the insurer's admitted assets,
except this does not apply to general obligations of the United
States of America or of any state and shall not include policy
loans made under W.S. 26-7-108 or mutual funds that are
registered with the federal securities and exchange commission
and are diversified within the meaning of the Investment Company
Act of 1940 as from time to time amended. Investments in
diversi
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(a) An insurer shall invest in or hold as admitted assets
only categories of investments within applicable limits as
follows:
(i) No insurer shall have at any time any combination
of investments in or loans upon the security of the obligations,
property or securities of any one (1) person, institution,
corporation or municipal corporation aggregating an amount
exceeding five percent (5%) of the insurer's admitted assets,
except this does not apply to general obligations of the United
States of America or of any state and shall not include policy
loans made under W.S. 26-7-108 or mutual funds that are
registered with the federal securities and exchange commission
and are diversified within the meaning of the Investment Company
Act of 1940 as from time to time amended. Investments in
diversified mutual funds shall be limited to ten percent (10%)
of the insurer's admitted assets per fund;
(ii) No insurer shall invest in or hold at any time
more than ten percent (10%) of the outstanding voting stock of
any corporation, except with respect to voting rights of
preference stock during default of dividends, except this does
not apply to stock of an insurer's subsidiary acquired under
W.S. 26-7-107(a)(vii) or (xiv), or to controlling stock of an
insurer acquired under W.S. 26-7-107(a)(vi);
(iii) An insurer, other than a title insurer, shall
invest and maintain invested funds not less in amount than the
minimum paid-in capital stock required under this code of a
domestic stock insurer transacting like kinds of insurance, only
in cash and the securities provided under W.S. 26-7-107(a)(i)
and 26-7-107(a)(xii);
(iv) A life insurer shall also invest and keep
invested its funds, in an amount not less than the reserves
under its life insurance policies and annuity contracts in
force, in cash or the securities or investments allowed under
this chapter, other than in common stocks, insurance stocks and
stocks of the insurer's subsidiaries;
(v) No life insurer shall invest and have invested at
any time in aggregate amount more than seven percent (7%) of its
assets in all stocks under W.S. 26-7-107(a)(iv), (v), (vi) and
(viii), except this does not apply to stock of a controlled or
subsidiary corporation under W.S. 26-7-107(a)(vi), (vii) and
(xiv);
(vi) No insurer shall have invested at any time more
than sixty-five percent (65%) of its assets in obligations
secured by mortgage, trust deed, contract of purchase or other
similar encumbrance of real property;
(vii) No insurer shall have invested at any time more
than seven percent (7%) of its assets in either improvement
district obligations or equipment trust certificates;
(viii) Investments in real property are limited as
provided in W.S. 26-7-107(a)(xiii); and
(ix) Other specific limits apply as stated in the
sections dealing with other kinds of investments.