SECOND REGULAR SESSION
[P E R F E C T E D]
SENATE BILL NO. 893
91ST GENERAL ASSEMBLY
INTRODUCED BY SENATOR ROHRBACH.
Read 1st time January 9, 2002, and 1,000 copies ordered printed.
Read 2nd time January 21, 2002, and referred to the Committee on Insurance and Housing.
Reported from the Committee February 4, 2002, with recommendation that the bill do pass and be placed on the Consent Calendar.
Taken up February 14, 2002. Read 3rd time and placed upon its final passage; bill passed.
TERRY L. SPIELER, Secretary.
3778S.01P
AN ACT
To repeal section 376.307, RSMo, relating to life insurance company investments, and to enact in lieu thereof one new section relating to the same subject.
Section A. Section 376.307, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 376.307, to read as follows:
376.307. 1. Notwithstanding any direct or implied prohibitions in chapter 375 or 376, RSMo, the capital, reserve and surplus funds of all life insurance companies of whatever kind and character organized or doing business under chapter 375 or 376, RSMo, may be invested in any investments which do not otherwise qualify under any other provision of chapter 375 or 376, 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 [invest in] 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 [preceding the date of the acquisition of such investment, all as] 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.