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Texas Insurance Code - INS § 425.123. Authorized Investments:  Money Market Funds

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) An insurance company may invest in a money market fund as described by 17 C.F.R. Section 270.2a-7 under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1 et seq.), that is:

(1) a government money market fund that:

(A) invests only in obligations issued, guaranteed, or insured by the United States government or collateralized repurchase agreements composed of these obligations;  and

(B) qualifies for investment without a reserve under the Purposes and Procedures Manual of the securities valuation office or a successor publication;  or

(2) a class one money market fund that qualifies for investment using the bond class one reserve factor described by the Purposes and Procedures Manual of the securities valuation office or a successor publication.

(b) For purposes of complying with Section 425.115, a money market fund that qualifies for listing in the categories prescribed by Subsection (a) must conform to the Purposes and Procedures Manual of the securities valuation office or a successor publication.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 425.123. Authorized Investments:  Money Market Funds - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-425-123/

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