Section 58-27-58 - Limitations on investments in corporate stock--Exceptions.
58-27-58. Limitations on investments in corporate stock--Exceptions. An insurer may invest and have invested at any one time in aggregate amount not more than twenty percent of its assets in all investments under §§ 58-27-23 and 58-27-24 and not more than twenty-five percent of its assets in all investments under subdivisions 58-27-17(4) and (5) and §§ 58-27-23 and 58-27-24. Determination of the amount which an insurer has invested for the purposes of this section shall be based on the cost of such investments to the insurer. This section does not apply to stock of a controlled or subsidiary insurance corporation or other corporation under §§ 58-27-25 and 58-27-26. This section does not apply to § 58-27-101. For purposes of determining compliance with this section, the investments under subdivision 58-27-17(4) are limited to those mutual funds investing less than ninety percent in bonds defined in subdivisions 58-27-17(1), (2), and (3) and §§ 58-27-9 to 58-27-13, inclusive.
Source: SL 1966, ch 111, ch 6, § 5 (6); SL 1983, ch 376, § 8; SL 1992, ch 350, § 22; SL 1997, ch 294, § 17.