Section 3.21.375. Additional investment authority for a property and casualty insurer.

	(a)  A property and casualty insurer may acquire, hold, or make an investment of any kind or engage in an investment practice that is not specifically prohibited by 3 AAC 21.201 - 3 AAC 21.399 without regard to a limitation in 3 AAC 21.325 - 3 AAC 21.360. However, the property and casualty insurer may not acquire, hold, or make an investment or engage in an investment practice under this section if, as a result of and after giving effect to the transaction, the aggregate amount of the investments then held by the property and casualty insurer under this section would exceed the greater of  
		(1) the property and casualty insurer's unrestricted surplus; or  
		(2) the lesser of  
			(A) 10 percent of the property and casualty insurer s admitted assets; or  
			(B) 50 percent of the property and casualty insurer' s policyholder surplus.  
	(b)  A property and casualty insurer may not acquire, hold, or make an investment or engage in an investment practice under (a)(2) of this section if, as a result of and after giving effect to the transaction, the aggregate amount of all investments in any one person then held by the property and casualty insurer under this section would exceed five percent of the property and casualty insurer's admitted assets.  

Authorities

21.06.090;21.18.010;21.18.030;21.18.040;21.21.010;21.21.020;21.21.255;21.21.420

Notes

Reference

3 AAC 21.206
3 AAC 21.320

Authority

AS 21.06.090 AS 21.18.010 AS 21.18.030 AS 21.18.040 AS 21.21.010 AS 21.21.020 AS 21.21.255 AS 21.21.420

History

Eff. 12/28/2001, Register 160