California Insurance Code

§ 1192.9

INS § 1192.9 Effective Jan 1, 2011Div. 1 · Part 2 · Ch. 2 · Art. 4

Statute text

Notwithstanding Section 1100, a domestic insurer may make excess funds investments in shares of an investment company, as defined in the Federal Investment Company Act of 1940, if the requirements of subdivisions (b) and (c) are satisfied. No investment made pursuant to this section that ceases to satisfy the requirements of subdivision (b) or (c) shall be retained as an excess fund investment. No domestic insurer shall invest under any provision of this code in the shares of any investment company that has more than 33.33 percent of its investments in foreign investments that do not comply with paragraph (4) of subdivision (b).

(a)The definitions in this subdivision apply to the following terms when used in this section:

(1)A mutual fund is an open-end management company as defined in Section 5(a)(1) of the Federal Investment Company Act of 1940 (15 U.S.C. Sec. 80(a)-5(a)(1)).

…

Legislative history

Amended by Stats. 2010, Ch. 400, Sec. 5. (AB 2782) Effective January 1, 2011.