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

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

(c)  Inaddition to investments permitted under subsections (a) and (b), an insurer mayacquire foreign investments, including American Depository Receipts, or engagein investment practices with persons of or in foreign jurisdictions ofsubstantially the same types as those permitted under this article; providedthat:

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

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

(d) Investments acquired under this section shall be aggregated with investments ofthe same types made under all other sections of this article, and in a similarmanner, 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, c142, §7]