38.2-1433 - Foreign securities. - Virginia Statutes

§ 38.2-1433. Foreign securities.

A. A domestic insurer transacting the business of insurance in a foreigncountry may invest in securities of or issued in that country ofsubstantially the same kinds, classes, and investment grades as the insurermay acquire in the United States.

B. A domestic insurer may invest in securities of or issued in a foreigncountry of substantially the same kinds, classes and investment grades as theinsurer may acquire in the United States, provided (i) all such securitiesare rated medium grade or higher by the Securities Valuation Office of theNational Association of Insurance Commissioners or by a national ratingagency recognized by the Commission and no more than one percent of theinsurer's admitted assets are invested in such securities which are ratedmedium grade, and (ii) the aggregate amount of foreign investment held by theinsurer under this section for a single foreign jurisdiction does not exceedthree percent of the insurer's admitted assets.

C. These investments shall be payable in lawful currency of the UnitedStates, except where payment in other lawful currencies is required to matchobligations denominated in such other lawful currencies.

(1983, c. 457, § 38.1-217.36; 1986, c. 562; 1998, c. 414.)