38.2-1427.2 - Investment company shares and units of beneficial interest. - Virginia Statutes

§ 38.2-1427.2. Investment company shares and units of beneficial interest.

A domestic insurer may invest in shares of common stock or units ofbeneficial interest issued by any solvent business corporation or trustincorporated or organized under the laws of the United States, or of anystate of the United States, under the following conditions:

1. If the issuing corporation or trust is advised by an investment advisorwhich is the insurer or an affiliate of the insurer, the issuing corporationor trust shall have assets of $100,000 or more (which may be provided by theinsurer or affiliate), or if the issuing corporation or trust has anunaffiliated investment advisor, the issuing corporation or trust shall havenet assets of ten million dollars or more, and

2. The issuing corporation or trust is registered as an investment companywith the Federal Securities and Exchange Commission under the InvestmentCompany Act of 1940, as amended.

(1992, c. 588; 2002, c. 147.)