Missouri Laws 375.1078 – Limitation on Canadian investments
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:
Terms Used In Missouri Laws 375.1078
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Insurer: all insurance companies, reciprocals, or interinsurance exchanges transacting the business of insurance in this state. See Missouri Laws 375.001
(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.