58-27-51.2. Additional investment authority--Property and casualty insurers.
281 words·~1 min read·
/sd/title-58/chapter-58-27/58-27-51-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to the authority provided under § 58-27-51 , an insurer authorized to write property and casualty insurance may invest a percentage of the amount by which the insurer's total adjusted capital equals or exceeds two hundred percent of its company action level risk - based capital in investments of any kind, in the discretion of the insurer, without regard to any condition of, restriction in, or exclusion prescribed in chapter 58-27 , and regardless of whether the same or a similar type of investment has been included in, or omitted from, any such section, subject to an aggregate limitation equal to the greatest of:
(1)Fifty percent of the excess of total adjusted capital over the risk - based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred twenty five percent of its company action level risk - based capital;
(2)Seventy-five percent of the excess of total adjusted capital over the risk - based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred fifty percent of its company action level risk - based capital; or
(3)One hundred percent of the excess of total adjusted capital over the risk - based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred seventy - five percent of its company action level risk - based capital.
For the purpose of this section, risk - based capital threshold means two hundred percent of an insurer's company action level risk - based capital. The director shall promulgate rules pursuant to chapter 1-26 to define company action level risk - based capital and total adjusted capital.