Texas Insurance Code - Section 425.123. Authorized Investments: Money Market Funds
Legal Research Home >
Texas Lawyer > Insurance Code > Texas Insurance Code - Section 425.123. Authorized Investments: Money Market Funds
§ 425.123. AUTHORIZED INVESTMENTS: MONEY MARKET
FUNDS. (a) An insurance company may invest in a money market fund
as described by 17 C.F.R. Section 270.2a-7 under the Investment
Company Act of 1940 (15 U.S.C. Section 80a-1 et seq.), that is:
(1) a government money market fund that:
(A) invests only in obligations issued,
guaranteed, or insured by the United States government or
collateralized repurchase agreements composed of these
obligations; and
(B) qualifies for investment without a reserve
under the Purposes and Procedures Manual of the securities
valuation office or a successor publication; or
(2) a class one money market fund that qualifies for
investment using the bond class one reserve factor described by the
Purposes and Procedures Manual of the securities valuation office
or a successor publication.
(b) For purposes of complying with Section 425.115, a money
market fund that qualifies for listing in the categories prescribed
by Subsection (a) must conform to the Purposes and Procedures
Manual of the securities valuation office or a successor
publication.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 425.116 425.117 425.118 425.119 425.120 425.121 425.122 425.123 425.124 425.125 425.126 425.127 425.128 425.129 425.130
Last modified: August 11, 2007
|
