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Missouri Revised Statutes Title XXIV. Business and Financial Institutions § 375.1078. Limitation on Canadian investments

Current as of January 01, 2023 | Updated by FindLaw Staff

1. No insurer shall acquire, directly or indirectly through an investment subsidiary, a Canadian investment otherwise permitted under Missouri law if, after giving effect to the investment, the aggregate amount of the investments then held by the insurer would exceed twenty-five percent of its admitted assets.

2. For any insurer that is authorized to do business in Canada or that has outstanding insurance, annuity, or reinsurance contracts on lives or risks resident or located in Canada and denominated in Canadian currency, the limitations of subsection 1 of this section shall be increased by the greater of:

(1) The amount the insurer is required by applicable Canadian law to invest in Canada or to be denominated in Canadian currency; or

(2) One hundred twenty-five percent of the amount of the insurer's reserves and other obligations under contracts on risks resident or located in Canada.

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Cite this article: FindLaw.com - Missouri Revised Statutes Title XXIV. Business and Financial Institutions § 375.1078. Limitation on Canadian investments - last updated January 01, 2023 | https://codes.findlaw.com/mo/title-xxiv-business-and-financial-institutions/mo-rev-st-375-1078/

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