Texas Insurance Code - Section 424.063. Authorized Investments: Mutual Funds
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§ 424.063. AUTHORIZED INVESTMENTS: MUTUAL FUNDS. An
insurer may invest the insurer's funds in excess of minimum capital
and surplus in shares of a mutual fund engaged in business under the
Investment Company Act of 1940 (15 U.S.C. Section 80a-1 et seq.), as
amended, if:
(1) the mutual fund is solvent and has at least $1
million of net assets as of the date of the mutual fund's latest
annual or more recent certified audited financial statement; and
(2) the amount of the insurer's investment in a single
mutual fund does not exceed 15 percent of the insurer's capital and
surplus.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 424.056 424.057 424.058 424.059 424.060 424.061 424.062 424.063 424.064 424.065 424.066 424.067 424.068 424.069 424.070
Last modified: August 11, 2007
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