§ 38.2-1433. Foreign securities
A. A domestic insurer transacting the business of insurance in a foreign country may invest in securities of or issued in that country of substantially the same kinds, classes, and investment grades as the insurer may acquire in the United States.
B. A domestic insurer may invest in securities of or issued in a foreign country of substantially the same kinds, classes and investment grades as the insurer may acquire in the United States, provided (i) all such securities are rated medium grade or higher by the Securities Valuation Office of the National Association of Insurance Commissioners or by a national rating agency recognized by the Commission and no more than one percent of the insurer's admitted assets are invested in such securities which are rated medium grade, and (ii) the aggregate amount of foreign investment held by the insurer under this section for a single foreign jurisdiction does not exceed three percent of the insurer's admitted assets.
C. These investments shall be payable in lawful currency of the United States, except where payment in other lawful currencies is required to match obligations denominated in such other lawful currencies.
(1983, c. 457, § 38.1-217.36; 1986, c. 562; 1998, c. 414.)
Sections: Previous 38.2-1427.2 38.2-1427.3 38.2-1428 38.2-1429 38.2-1430 38.2-1431 38.2-1432 38.2-1433 38.2-1434 38.2-1435 38.2-1436 38.2-1437 38.2-1437.1 38.2-1438 38.2-1439 NextLast modified: April 3, 2009