Rhode Island General Laws 27-11.1-2. Maximum investments in mortgage loans
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A domestic insurance company may invest in mortgage loans; provided, that any mortgage loan or loans made or acquired by the domestic insurer on any one or all properties shall not exceed in the aggregate ten percent (10%) of its admitted assets.
History of Section.
P.L. 1984, ch. 170, § 1.
Terms Used In Rhode Island General Laws 27-11.1-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC