375.325. Mechanical data processing equipment as assets.
Mechanical data processing equipment as assets.
375.325. Notwithstanding any prohibitions or restrictionscontained in the statutes, any insurance company may acquire bypurchase electronic or mechanical machines constituting a dataprocessing system, and thereafter may hold the system as anadmitted asset for use in connection with the business of thecompany if
(1) The system shall have an aggregate cost of not less thantwenty-five thousand dollars and its aggregate cost shall notexceed five percent of the admitted assets of the company;
(2) The cost of the component machines constituting thesystem shall be fully amortized over a period not to exceed tencalendar years. If a data processing system consists of separatecomponent machines which are acquired at different times, thenthe cost of each component shall be fully amortized over a periodnot to exceed ten calendar years commencing with the date ofacquisition of each component.
(L. 1961 p. 167 § 1, A.L. 1967 p. 516)