(1) An insurer may invest in the securities of any open-end management type investment
company or investment trust registered with the federal securities and exchange commission
under the investment company act of 1940 1 as from time to time amended, if such investment company or trust has been organized
for not less than three (3) years and has assets of not less than twenty-five million
dollars ($25,000,000) as at the date of investment by the insurer. The aggregate amount invested under this section shall not exceed twenty-five percent
(25%) of the insurer's assets with limitations of five percent (5%) of the insurer's
assets in any one (1) fund and ten percent (10%) of the insurer's assets in any one
(1) fund family.
(2) For the purpose of determining the investment limitation imposed by this section,
the insurer shall value securities subject to the provisions of this section at the
cost of the security or at the market value of the security, whichever is lower.
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