N.D.C.C. § 26.1-05-19 - Authorized investment of funds of insurance companies

Cite as:N.D.C.C. § 26.1-05-19
Currency:Current through 2017 Legislative Session
 
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A domestic insurance company may invest any of its funds and accumulations in:

1. Securities or obligations made specifically eligible for such investment by law.

2. Bonds or other evidences of indebtedness issued, assumed, or guaranteed by the United States of America, the District of Columbia, or by any state, territory, or insular possession of the United States or by any county, city, township, school district, or other civil division of a state, including loan-backed securities, those payable from special revenues or earnings specifically pledged for the payment thereof, and those payable from special assessments, including rights to purchase or sell these securities or obligations if these rights are traded upon a contract market designated and regulated by a federal agency and purchased for legitimate hedging, nonspeculative purposes.

3. Bonds or other evidences of indebtedness issued, assumed, or guaranteed by any instrumentality or agency of the United States of America, including rights to purchase or sell these securities or obligations if these rights are traded upon a contract market designated and regulated by a federal agency and purchased for legitimate hedging, nonspeculative purposes.

4. Notes or bonds secured by mortgage or deed of trust insured by the federal housing administrator, debentures issued by the federal housing administrator, and securities issued by national mortgage associations.

5. Bonds issued by the industrial commission under chapter 4-36.

6. Bonds guaranteed under former chapter 6-09.2.

7. Bonds issued by the public finance authority pursuant to chapter 6-09.4.

8. Bonds issued by the state board of higher education under chapter 15-55.

9. Revenue bonds issued by the state water commission.

10. Interim financing notes issued by the state water commission pursuant to chapter 61-02.

11. Warrants issued by a city under chapter 40-24.

12. Bonds or notes issued pursuant to chapter 40-33.2.

13. Bonds or other obligations issued pursuant to chapter 40-58.

14. Bonds issued under chapter 40-61.

15. Bonds issued under chapter 54-30.

16. Notes or other evidences of indebtedness of the North Dakota life and health insurance guaranty association not in default.

17. Notes or other interest-bearing obligations of any state development corporation of which the company is a member, issued in accordance with chapter 10-30.

18. Bonds or other evidences of indebtedness issued, assumed, or guaranteed by the Dominion of Canada or any province thereof, or by any municipality or district therein, provided that the obligations are valid and legally authorized and issued.

19. Mortgage bonds and debentures of any solvent railway company duly incorporated and authorized under the laws of this state or of any other state or insular possession of the United States, or of the Dominion of Canada or of any province thereof.

20. Obligations, including bonds or evidences of indebtedness, or participation in those bonds or evidences of indebtedness, or loan-backed securities, which are issued, assumed, guaranteed, or insured by any solvent legal entity duly incorporated and authorized under the laws of the United States of America or of any state or insular possession thereof, or of the Dominion of Canada or of any province thereof, including rights to purchase or sell these securities or obligations if these rights are traded upon a contract market designated and regulated by a federal agency and purchased for legitimate hedging, nonspeculative purposes.

21. Preferred stock, of, or common or preferred stock guaranteed as to dividends by, and common stock of, any corporation organized under the laws of the United States, any state or possession of the United States, the Dominion of Canada or any province of the Dominion of Canada, including rights to purchase or sell these securities or obligations if these rights are traded upon a contract market designated and regulated by a federal agency and purchased for legitimate hedging, nonspeculative purposes, subject to the following restrictions and limitations:

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