Section 402:29-d Quantitative Limitations.
I. Except for investments in subsidiaries, an insurer shall not invest:
(a) More than 2 percent of its admitted assets in the equity interests of any one business entity; or
(b) More than the greater of 25 percent of its admitted assets or 100 percent of its capital and surplus in equity interests.
II. Equity interest shall mean common stock, general, preferred or limited partnership interest, trust certificate, investment in an investment company other than a money market mutual fund, investment in a common trust fund of a bank regulated by a federal or state agency, warrant, or other similar right to acquire an equity interest, or any other similar interest.
III. Each investment or asset held by an insurer on January 1, 1994, which was eligible as an admitted asset at the time it was acquired, committed for or engaged in, and any refinancing, modification or extension thereof, shall be deemed to be eligible as an admitted asset under this chapter but shall be included as part of the limitation described above.
IV. Investments exceeding the limitation established by this section shall not be permitted under any other provision of this chapter including, but not limited to, RSA 402:28, I(o) and shall not be considered admitted assets of the insurer.
V. An insurer may invest in mutual funds in excess of the limits set forth in this section, provided the insurer shall not invest:
(a) More than 10 percent of its admitted assets in equity interests of a single mutual fund; or
(b) More than the greater of 25 percent of its admitted assets or 100 percent of its capital and surplus in equity interests held either directly by the insurer or indirectly through interests in mutual funds.
Source. 1993, 254:5. 1997, 221:5, eff. July 1, 1997.