§431:6-104  General qualifications.  (a) 
Notwithstanding the provisions of section 431:6-321, no security or other
investment shall be eligible for purchase or acquisition under this article
unless it is interest bearing or interest accruing or income paying, is not
then in default in any respect, and the insurer is entitled to receive for its
exclusive account and benefit, the interest or income accruing thereon; except,
that it may acquire real property and non-dividend paying securities as
provided in this article.  An insurer's aggregate investment in non-dividend
paying securities shall not exceed the greater of twenty-five per cent of its
admitted assets or fifty per cent of its surplus as regards to policyholders as
defined in section 431:6-101.



(b)  No security shall be eligible for purchase
at a price above its fair value.



(c)  No provision of this article shall
prohibit the acquisition by an insurer of other or additional securities or
property if received as a dividend or as a lawful distribution of assets, or if
acquired pursuant to a lawful and bona fide agreement of bulk reinsurance,
merger, or consolidation.  Any investments so acquired which are not otherwise
eligible under this article shall be disposed of pursuant to section 431:6-403
if personal property or securities, or pursuant to section 431:6-312 if real
property. [L 1987, c 347, pt of §2; am L 2008, c 142, §3]