Section 60L.10 Prohibited Investments
60L.10 PROHIBITED INVESTMENTS.
Subdivision 1.Prohibitions.
An insurer may not invest in investments that are prohibited for an insurer by law. The use of a derivative instrument for any purposes other than hedging, income generation, or replication is prohibited.
Subd. 2.Disposal of prohibited asset.
A reasonable time, not to exceed five years, must be allowed for disposal of a prohibited investment in hardship cases if the investment is demonstrated by the insurer to have been legal when made, or the result of a mistake made in good faith, or if the commissioner determines that the sale of the asset would be contrary to the interests of insureds, creditors, or the general public.
History:
1998 c 319 s 10; 2001 c 131 s 10