§1155. Diversification
Investments of an insurer shall be subject to the following diversification requirements and limitations.
[PL 1987, c. 399, §14 (NEW).]
1.
Real estate; personal property; equity interests; subsidiaries.
Not more than 40% of the insurer's assets in aggregate amount may consist of investments described in the following paragraphs:
A.
Real estate, section 1156, subsection 2, paragraph D, subparagraph (1);
[PL 1987, c. 399, §14 (NEW).]
If, on or after the effective date of this subsection, the insurer makes investments of those types in institutions or property located within the State aggregating 1% or more of its assets, the 40% limitation in this subsection must be increased by an equal amount up to 45%, exclusive of those investments in institutions or property located within the State, thus providing for a maximum limit on the investments described in those paragraphs of 50% of the insurer's assets.
[PL 2023, c. 59, §3 (AMD).]
2.
Counter-party limitations.
Except as otherwise expressly provided, an insurer may not invest in or may not incur counter-party exposure to any one person if, after giving effect to those investments and that counter-party exposure, the aggregate of those investments in and that counter-party exposure to that person would exceed 10% of the insurer's admitted assets, with the following exceptions:
A.
Government obligations pursuant to section 1156, subsection 2, paragraph A;
[PL 2001, c. 524, §3 (AMD).]
C.
Index mutual funds, but as to this exception, only with the prior approval of the superintendent and limited to 20% of the insurer's admitted assets.
[PL 2001, c. 524, §3 (NEW).]
[PL 2023, c. 59, §3 (AMD).]
3.
Other investment limitations.
Other investment limitations are as provided in particular sections of this chapter.
[PL 2023, c. 59, §3 (AMD).]
SECTION HISTORY
PL 1987, c. 399, §14 (NEW). PL 1999, c. 715, §11 (AMD). PL 2001, c. 524, §3 (AMD). PL 2023, c. 59, §3 (AMD).