376.300. Equity interests permitted, when. - Missouri Statutes

Equity interests permitted, when.

376.300. 1. Subject to the limitations of section 376.297, aninsurer may acquire equity interests in business entities organized underthe laws of any domestic jurisdiction.

2. An insurer shall not acquire an investment under this section ifas a result of and after giving effect to the investment the aggregateamount of investments then held by the insurer under this section wouldexceed twenty percent of its admitted assets, or except for mutual funds,the amount of equity interests then held by the insurer that are not listedon a qualified exchange would exceed five percent of its admitted assets.

3. An insurer shall not acquire under this section any investmentthat the insurer may acquire under section 376.302.

4. An insurer shall not short sell equity interests unless theinsurer covers the short sale by owning the equity interest or anunrestricted right to the equity interest exercisable within six months ofthe short sale.

(RSMo 1939 § 6032, A.L. 1943 p. 608, A.L. 1945 p. 995, A.L. 1945 p. 1004, A.L. 1949 p. 305, A.L. 1953 p. 235, A.L. 1961 p. 171, A.L. 1963 p. 492, A.L. 1973 H.B. 111, A.L. 1979 S.B. 322, A.L. 1982 S.B. 726, A.L. 1985 H.B. 823, A.L. 1995 S.B. 170, A.L. 2000 H.B. 1739, A.L. 2005 H.B. 69 merged with S.B. 131, A.L. 2007 S.B. 66)

Prior revision: 1929 § 5921