A. Insurers shall invest in or lend their funds on security of, and shall hold as invested assets, only eligible investments as prescribed in this article.
B. Any particular investment held by an insurer on effective date of the Insurance Code, which was a legal investment at time made and which the insurer was legally entitled to possess immediately prior to such effective date, shall be deemed an eligible investment.
C. Eligibility of an investment shall otherwise be determined as of date of making or acquisition.
D. Any investment limitation based upon the amount of the insurer's assets or particular funds shall relate to such assets or funds as shown by the insurer's annual statement as of December 31 next preceding date of acquisition of the investment, or as shown by a more recent financial statement resulting from merger of another insurer, bulk reinsurance or change of capitalization.
E. No insurer shall pay any commission or brokerage for purchase or sale of property in excess of that usual and customary at the time and in the locality where the purchase or sale is made.
History: Laws 1984, ch. 127, § 135.
ANNOTATIONSCompiler's notes. — The phrase "effective date of the Insurance Code" means January 1, 1985, the effective date of Laws 1984, Chapter 127.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 44 C.J.S. Insurance § 110.