17:24-10. Investments in foreign securities

189 words·~1 min read·/nj/title-17/chapter-24/17-24-10

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any insurance company of this State lawfully doing business in any foreign country may also invest its funds, to an amount not exceeding the value of its outstanding policies of insurance issued or delivered in the foreign country, in securities issued by any governing body or agency or any corporation of the foreign country or in obligations secured upon property therein, otherwise of the same character as that prescribed for authorized investments for the funds of the company under the laws of this State; provided, that any loan secured by first mortgage on unencumbered real estate in the Dominion of Canada, authorized and placed under any act of that Dominion by virtue of which it assumes liability for all or a substantial portion of any loss resulting from the liquidation of such investment after the foreclosure of the mortgage securing the same, or by virtue of which it guarantees the payment of such loan, shall be construed as being of such character.

Any investment hereby authorized shall be subject to all other limitations imposed by the laws of this State.

Amended by L.1945, c. 23, p. 80, s. 1.