SCS/SB 346 - This act raises the amount of assets that an insurer may invest in foreign securities, investments or deposits from five percent to twenty-percent. The act limits the aggregate investment by an insurer in a single foreign jurisdiction to ten percent of admitted assets for foreign jurisdictions with a sovereign debt rating of SVO 1 or 5% for any other foreign jurisdiction. This act includes a special investment cap of twenty-five percent for investment in Canadian investments. In the case of Canadian investments, an insurer that is authorized to do business in Canada or that has outstanding contracts on risks resident or located in Canada and denominated in Canadian currency have increased limits. This act also limits investments by an insurer of all kinds issued, assumed, accepted, insured, or guaranteed by a single person to 5% of the insurers admitted assets. The special investment cap for Canadian investments and limits on investments of all kinds issued, assumed, accepted, insured, or guaranteed by a single person do not apply to insurers organized under chapter 376. This act is identical to HCS/HB 592 (2015).
MICHELA BIRK