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Title 3 . Commerce, Community, and Economic Development
Chapter 21 . Miscellaneous
Section 375. Additional investment authority for a property and casualty insurer

3 AAC 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.

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