§ 58-7-178. Foreign or territorial investments. - North Carolina Statutes

§ 58‑7‑178. Foreign or territorial investments.

(a)        An insurerauthorized to transact insurance in a foreign country or any U.S. territory mayhave funds invested in securities that may be required for that authority andfor the transaction of that business, provided the funds and securities aresubstantially of the same kinds, classes, and investment grades as thoseotherwise eligible for investment under this Chapter. The aggregate amount ofinvestments under this subsection shall not exceed the amount that the insureris required by law to invest in the foreign country or United States territory,or one and one‑half times the amount of reserves and other obligationsunder the contracts, whichever is greater.

(b)        An insurer, whetheror not it is authorized to do business or has outstanding insurance contractson lives or risks in any foreign country, may invest in bonds, notes, or stocksof any foreign country or alien corporation that are substantially of the samekinds, classes, and investment grades as those otherwise eligible forinvestment under this Chapter. The aggregate cost of investments under thissubsection shall not exceed ten percent (10%) of the insurer's admitted assets,provided that the cost of investments in any one foreign country under thissubsection shall not exceed three percent (3%) of the insurer's admittedassets.

(c)        Canadian securitieseligible for investment under other provisions of this Chapter are not subjectto this section. (1991,c. 681, s. 29; 2001‑223, s. 8.11; 2001‑487, s. 103(b); 2002‑187,s. 2.6; 2005‑215, s. 10.)