375.532. Investment in debt of institution permitted, when. - Missouri Statutes

Investment in debt of institution permitted, when.

375.532. 1. The capital, reserve and surplus of a domestic insurermay be invested in bonds, notes or other evidences of indebtedness, orpreferred or guaranteed stocks or shares, issued, assumed or guaranteed byan institution organized under the laws of the United States, any state,territory or possession of the United States, or the District of Columbia,if such bonds, notes or other evidences of indebtedness, or preferred orguaranteed stocks or shares, shall carry at least the second highestdesignation or quality rating conferred by the Securities Valuation Officeof the National Association of Insurance Commissioners, or some similar orequivalent rating by a nationally recognized rating agency which has beenapproved by the director.

2. As used in this section, the term "institution" means acorporation, a joint stock company, an association, a trust, a businesspartnership, a business joint venture or similar entity.

3. This section shall not apply to an insurer organized under chapter376, RSMo.

(L. 1991 H.B. 385, et al. § 21, A.L. 1992 S.B. 831, A.L. 2005 H.B. 69 merged with S.B. 131, A.L. 2007 S.B. 66)