Section 376.307

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 376

Effective - 28 Aug 2002, 3 histories, see footnote   (history) 

  376.307.  Limits on investments which are not eligible for state deposit. — 1. Notwithstanding any direct or implied prohibitions in this chapter or chapter 375, RSMo, the capital, reserve and surplus funds of all life insurance companies of whatever kind and character organized or doing business under this chapter or chapter 375, RSMo, may be invested in any investments which do not otherwise qualify under any other provision of this chapter or chapter 375, RSMo, provided, however, the investments authorized by this section are not eligible for deposit with the department of insurance and shall be subject to all the limitations set forth in subsection 2.

  2. No such life insurance company shall own such investments in an amount in excess of the following limitations, to be based upon its admitted assets, capital and surplus as shown in its last annual statement filed with the director of the department of insurance of the state of Missouri:

  (1) The aggregate amount of all such investments under this section shall not exceed the lesser of:

  (a) Eight percent of its admitted assets; or

  (b) The amount of its capital and surplus in excess of nine hundred thousand dollars; and

  (2) The amount of any one such investment under this section shall not exceed one percent of its admitted assets.

  3. If, subsequent to its acquisition hereunder, any such investment shall become specifically authorized or permitted under any other section contained in chapter 375 or 376, RSMo, any such company may thereafter consider such investment as held under such other applicable section and not under this section.

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(L. 1961 p. 175 § 1, A.L. 1982 S.B. 726, A.L. 2002 H.B. 1518 merged with S.B. 1009)