40-2b13. Leeway clause.
40-2b13
40-2b13. Leeway clause.Any life insurance company heretofore or hereafter organized under anylaw of this state may invest by loans or otherwise, with the direction orapproval of a majority of its board of directors or authorized committeethereof, any of its funds, or any part thereof in investments whether ornot qualified and permitted under this act and notwithstanding anyconditions or limitations prescribed therein, in an aggregate amount notmore than 10% of itsadmitted assets as shown by the company's last annual report as filed withthe insurance commissioner except that investments shall notbe permitted in insolvent organizations or organizations in default withrespect to the payment of principal or interest.
History: L. 1972, ch. 179, § 13; L. 1983, ch. 156, § 10; July 1.