§431:6-316  Insurance stocks.  (a)  Aninsurer other than a life insurer may invest a portion of its surplus funds inan aggregate amount not exceeding fifty per cent of its surplus over itscapital stock and other liabilities, or thirty-five per cent of its capitalfunds, whichever is greater, in the stocks of other insurers organized andexisting under the laws of the states of the United States.  Indirect orproportionate interests in insurance stocks held by an insurer through anyintermediate subsidiary or subsidiaries shall be included in applying thelimitations provided in subsections (a), (b) and (c).

(b)  A life insurer may invest in suchinsurance stocks in an aggregate amount not exceeding the smaller of thefollowing amounts:  Five per cent of its assets or twenty-five per cent of itssurplus over its capital stock and other liabilities, or of surplus over itsrequired minimum surplus if a mutual life insurer.

(c)  No such insurance stock shall be eligibleas an investment unless it meets the qualifications for stocks of othercorporations as set forth in section 431:6-317.

(d)  The limitations on investment in insurancestocks set forth in this article shall not apply to stocks acquired under aplan for merger of the insurers which has been approved by the commissioner orto shares received as stock dividends upon shares already owned. [L 1987, c347, pt of §2]