38.2-1432 - Savings, certificates, etc.
§ 38.2-1432. Savings, certificates, etc.
A domestic insurer may invest in any of the following:
1. Interest-bearing checking or savings accounts, certificates of deposit, orother short-term investments made available or issued by any solvent bank ortrust company that is a member of the Federal Deposit Insurance Corporation;
2. Interest-bearing savings or share accounts, certificates of deposit or anyother short-term investments made available or issued by any solvent buildingand loan or savings institution insured by the Federal Deposit InsuranceCorporation or other federal insurance agency;
3. Bankers acceptances of the kinds and maturities made eligible by law forrediscount with Federal Reserve Banks, provided that these securities areaccepted by a bank or trust company that is a member of the Federal ReserveSystem;
4. Money market mutual funds, provided that the Commission has granted priorwritten approval to the insurer with respect to its investment in any moneymarket mutual fund sponsored by affiliates of the insurer and that such moneymarket fund sponsored by affiliates meets the requirements set forth insubdivisions 1 and 2 of § 38.2-1427.2; or
5. United States government bond mutual funds.
(1983, c. 457, § 38.1-217.35; 1986, c. 562; 1990, c. 3; 1995, c. 60; 1996, c.77.)