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Title 3 . Commerce, Community, and Economic Development
Chapter 21 . Miscellaneous
Section 246. Equity interests for a life and health insurer

3 AAC 21.246. Equity interests for a life and health insurer

(a) A life and health insurer may acquire, hold, or invest in an equity interest in a business entity organized under the laws of a domestic jurisdiction.

(b) A life and health insurer may not acquire an investment under this section if, as a result of and after giving effect to the investment, the aggregate amount of investments then held by the life and health insurer under this section would exceed, for

(1) a life and health insurer other than an accident and health insurer, 20 percent of the life and health insurer's admitted assets, or five percent of admitted assets for equity interests then held by the insurer that are not listed on a qualified exchange; or

(2) an accident and health insurer, the greater of 25 percent of the accident and health insurer' s admitted assets or 100 percent of its policyholder surplus.

(c) A life and health insurer may not acquire an investment under this section that the life and health insurer may acquire under 3 AAC 21.256.

(d) A life and health insurer may not short sell equity investments unless the life and health insurer covers the short sale by owning the equity investment or an unrestricted right to the equity instrument exercisable within six months after the short sale.

History: Eff. 12/28/2001, Register 160

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


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Last modified 7/05/2006