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§1409
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§1409 . Limitation of investments.
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§1409(a)
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(a) Except as more specifically provided in this chapter, no domestic insurer shall have more than 10% of its admitted assets as shown by its last statement on file with the superintendent invested in, or loaned upon, the securities (including for this purpose certificates of deposit, partnership interests and other equity interests) of any 1 institution.
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§1409(b)
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(b) The restriction of (sub§ (a)) hereof shall not apply to the classes of governmental obligations (including obligations secured by mortgages upon real property guaranteed or insured under the National Housing Act, 12 U. S. C. §§1701-1750) eligible for minimum capital or surplus to policyholder investments pursuant to the provisions of §1402 of this article nor to investments in shares of other insurance companies pursuant to the provisions of §1408 of this article.
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§1409(c)
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(c) The limitations of investments set forth in (this §) shall not apply to mortgage-related securities or securities issued or guaranteed by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association; provided, however, that for an insurer maintaining an aggregate investment in excess of 70% of its admitted assets as shown by its last statement on file with the superintendent in such securities, the balance of such investments greater than 70% thereon shall be limited by and apportioned according to a ratio of 1 to 2 respectively, between investment in such securities and investment in government obligations, as that term is defined in paragraph §1404(a)(1) of this chapter.
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§1409(d)
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(d) The superintendent shall not promulgate any rules or regulations to limit or otherwise alter the provisions of paragraph §1401(a)(2) of this article or subsection (this §)(c) . The superintendent shall not promulgate any rules or regulations that limit the authority of any insurer to invest in mortgage related securities. Source Data downloaded: 2009-04-10 09: 13: 56; Processed: 2009-05-08 15: 35: 50
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