38.2-1425 - Common stock of banks or trust companies. - Virginia Statutes

§ 38.2-1425. Common stock of banks or trust companies.

A. A domestic insurer may invest in the common capital stock of any bank ortrust company that is a member of the Federal Deposit Insurance Corporation.

B. No domestic insurer shall invest in more than ten percent of the actuallyissued and outstanding common capital stock of any one such bank or trustcompany.

C. For the purpose of this section, the term "bank" includes a registeredbank holding company as defined by the Federal Bank Holding Act of 1956, asamended, and a registered bank holding company shall be considered a memberof the Federal Deposit Insurance Corporation if all its subsidiary banks aremembers of the Federal Deposit Insurance Corporation.

(1983, c. 457, § 38.1-217.28; 1986, c. 562; 2000, c. 155.)