60L.10 PROHIBITED INVESTMENTS.
Subdivision 1.
Prohibitions. An insurer may not invest in investments that are prohibited
for an insurer by law. The use of a derivative instrument for any purposes other than hedging,
income generation, or replication is prohibited.
Subd. 2.
Disposal of prohibited asset. A reasonable time, not to exceed five years, must
be allowed for disposal of a prohibited investment in hardship cases if the investment is
demonstrated by the insurer to have been legal when made, or the result of a mistake made in
good faith, or if the commissioner determines that the sale of the asset would be contrary to the
interests of insureds, creditors, or the general public.
History: 1998 c 319 s 10; 2001 c 131 s 10