375.534. Foreign governments or corporations, investment in permitted--conditions, requirements. - Missouri Statutes

Foreign governments or corporations, investment inpermitted--conditions, requirements.

375.534. 1. In addition to other foreign investments permitted byMissouri law for the type or kind of insurance company involved, thecapital, reserves and surplus of all insurance companies of whatever kindand character organized under the laws of this state, having admittedassets of not less than one hundred million dollars, may be invested insecurities, investments and deposits issued, guaranteed or assumed by aforeign government or foreign corporation, or located in a foreign country,whether denominated in United States dollars or in foreign currency,subject to the following conditions:

(1) Such securities, investments and deposits shall be ofsubstantially the same kind, class and quality of like United Statesinvestments eligible for investment by an insurance company under Missourilaw;

(2) An insurance company shall not invest or deposit in the aggregatemore than five percent of its admitted assets under this section, exceptthat an insurance company may reinvest or redeposit any income or profitsgenerated by investments permitted under this section; and

(3) Such securities, investments and deposits shall be aggregatedwith United States investments of the same class in determining compliancewith percentage limitations imposed under Missouri law for investments inthat class for the type or kind of insurance company involved.

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

(L. 1991 H.B. 385, et al. § 22, A.L. 2007 S.B. 66)