Minnesota Session Laws - 1985, Regular Session

  

                         Laws of Minnesota 1985 

                        CHAPTER 147-S.F.No. 375 
           An act relating to insurance; authorizing domestic 
          companies to purchase or sell certain futures 
          contracts; amending Minnesota Statutes 1984, section 
          61A.28, subdivision 2. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1984, section 61A.28, 
subdivision 2, is amended to read: 
    Subd. 2.  [GOVERNMENT OBLIGATIONS.] Bonds or other 
obligations of, or bonds or other obligations insured or 
guaranteed by, (a) the United States or any state thereof; (b) 
the Dominion of Canada or any province thereof; (c) any county, 
city, town, statutory city formerly a village, organized school 
district, municipality, or other civil or political subdivision 
of this state, or of any state of the United States or of any 
province of the Dominion of Canada; (d) any agency or 
instrumentality of the foregoing, including but not limited to, 
debentures issued by the federal housing administrator, 
obligations of national mortgage associations; and (e) 
obligations payable in United States dollars issued or fully 
guaranteed by the International Bank for Reconstruction and 
Development, the Inter-American Development Bank, the Asian 
Development Bank, the African Development Bank, the 
Export-Import Bank, or any other United States government 
sponsored organization of which the United States is a member; 
provided, that the life insurance company may not invest more 
than five percent of its total admitted assets in the 
obligations of any one of these banks or organizations and may 
not invest more than 15 percent of its total admitted assets in 
the obligations of all banks or organizations described in 
paragraph (e).  
     As used in this subdivision with respect to the United 
States or any agency or instrumentality of the United States, 
"bonds or other obligations" shall include purchases or sales of 
rights or options to purchase the obligations if those rights or 
options are traded upon a contract market designated and 
regulated by a federal agency. 
    Approved May 20, 1985