(1) An insurer shall not have any combination of investments in or secured by the stocks, obligations, and property of one person, corporation or political subdivision in excess of 10 percent of the insurer’s assets, nor shall it invest more than 10 percent of its assets in a single parcel of real property or in any other single investment. This subsection does not apply to:
(a) Investments in, or loans upon, the security of the general obligations of a sovereign;
(b) Policy loans by insurers issuing life insurance policies;
(c) Investments by a title insurer in its title plant, or in real property not in excess of 50 percent of the insurer’s combined capital and surplus; or
(d) Investments by a health care service contractor in all real or personal property used exclusively by such contractor to provide authorized health care services or in real property used primarily for its home office.
(2) Notwithstanding subsection (1) of this section and subject to approval by the Director of the Department of Consumer and Business Services in writing, a domestic insurer organized before 1950 may invest an amount not exceeding 15 percent of its assets in real property used primarily for its home office. [Formerly 738.375; 1983 c.732 §1]
Section: Previous 733.660 733.670 733.680 733.685 733.690 733.695 733.700 733.710 733.720 733.730 733.740 733.750 733.760 733.770 733.780 NextLast modified: August 7, 2008