§431:6-313  Foreign securities.  (a)  An
insurer authorized to transact insurance in a foreign country may invest any of
its funds, in an aggregate amount not exceeding its deposit and reserve
obligations incurred in such country, in securities of or in such country
possessing characteristics and of a quality similar to those required pursuant
to this article for investments in the United States.



(b)  An insurer may invest any of its funds, in
an aggregate amount not exceeding fifteen per cent of its assets, in addition
to any amount permitted pursuant to subsection (a), in obligations of the
governments of the Dominion of Canada, or of Canadian provinces, or
municipalities, and in obligations of Canadian corporations, which have not
been in default during the five years next preceding date of acquisition, and
which are otherwise of equal quality to like United States public or corporate
securities as prescribed in this article.



(c)  In
addition to investments permitted under subsections (a) and (b), an insurer may
acquire foreign investments, including American Depository Receipts, or engage
in investment practices with persons of or in foreign jurisdictions of
substantially the same types as those permitted under this article; provided
that:



(1)  The aggregate amount of foreign investments then
held by the insurer under this subsection shall not exceed twenty per cent of
its admitted assets; and



(2)  The aggregate amount of foreign investments then
held by the insurer under this subsection in a single foreign jurisdiction
shall not exceed ten per cent of its admitted assets as to a foreign
jurisdiction that has a sovereign debt rating of SVO 1 or three per cent of its
admitted assets as to any other foreign jurisdiction.



(d) 
Investments acquired under this section shall be aggregated with investments of
the same types made under all other sections of this article, and in a similar
manner, for the purposes of determining compliance with limitations, if any,
contained in the other sections. [L 1987, c 347, pt of §2; am L 2008, c
142, §7]