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2099
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HARRY HUGHES, Governor
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(3) Any capital stock of the investing insurer.
(4) Stocks, bonds or other securities issued by any
corporation, if a majority of the outstanding stock of such
corporation, or a majority of the stock having voting powers of
such corporation is, or will be after such acquisition, directly
or indirectly owned by such insurer or by or through one or more
of its officers or directors holding the same, for the benefit of
such insurer or of its stockholders, or owned by a parent
corporation or subsidiary of such insurer, parent corporation or
subsidiary thereof or owned by any combination of the insurer,
its parent corporation, its subsidiaries or its stockholders.
Nothing contained in this paragraph shall be deemed to prevent
any investment in the stock, bonds or other securities of a
corporation organized exclusively to hold and operate real estate
acquired by such insurer in accordance with and subject to the
provisions of § 104, nor an investment in the stock of another
insurer nor an investment in stocks, bonds or other securities of
any corporation which is engaged exclusively in a kind of
business properly incidental to the insurance business of such
insurer, including an investment in securities of any corporation
engaged in the financing of insurance premiums, or in such
incidental business and the business of holding and operating
real estate.
[(5) Stocks, bonds or other securities issued by a
corporation, other than an insurer, having more than twenty
percent of its assets invested in stocks of insurers directly or
indirectly including proportionate equities or interest in stocks
of insurers held through any intermediate subsidiary or
subsidiaries of such issuing corporation.]
[(6)] (5) Stocks, bonds or other securities issued by
a corporation, other than an insurer, if a majority of the stock
having voting powers of such issuing corporation is owned
directly or indirectly by or for the benefit of one or more
officers or directors of such insurer.
[(7)] (6) Foreign investments, meaning stocks or
shares, bonds or obligations of any person or governmental or
business unit of or in a foreign country or any subdivision
thereof, except such as conform substantially with the
limitations imposed by this section upon like domestic
investments; but the aggregate amount of foreign investments held
by such insurer under this subsection and under § 104 (9) shall
not exceed ten percent of its total admitted assets or one and
one-half times the amount of its reserves and other obligations
under such contracts or the amount necessary to enable it to
transact insurance business in such foreign country, directly or
through a subsidiary corporation, whichever shall be greater.
[(8)] (7) Any investment which is found by the
Commissioner to be against public policy or designed to evade any
prohibition of this section.
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