17:24-9 - Investment of surplus in stock of certain companies
17:24-9.Ā Investment of surplus in stock of certain companies
Any company, other than a life insurance company, organized and authorized to transact business under chapters 17 to 33 of this title (s. 17:17-1 et seq.),Ā may also invest not exceeding twenty-five per cent of its surplus in the commonĀ stock of any nondividend-paying insurance company or companies organized in andĀ authorized to transact business in this state.
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Any company, other than a life insurance company, organized and authorized to transact business under chapters 17 to 33 of this title (s. 17:17-1 et seq.),Ā may also invest not exceeding twenty-five per cent of its surplus in the commonĀ stock of any nondividend-paying insurance company or companies organized in andĀ authorized to transact business in this state.
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