40-2a16. Leeway clause.
40-2a16
40-2a16. Leeway clause.Any insurance company other than life heretofore or hereafter organizedunder any law of this state may invest with the direction or approval of amajority of its board of directors or authorized committee thereof, any ofits funds, or any part thereof in investments whether or not qualified andpermitted under this act and notwithstanding any conditions or limitationsprescribed therein, in an aggregate amount not more than 10% of itsadmitted assets as shown by the company's last annual report as filed withthe commissioner of insurance, except that investments shall not be permittedin insolvent organizations or organizations in default with respect to thepayment of principal or interest.
History: L. 1972, ch. 173, § 16; L. 1983, ch. 156, § 5; July 1.