HRS §431:6-401
Investments insurance companies are not allowed to make
This section lists certain investments an insurance company cannot make or hold unless the insurance commissioner approves them in advance. It covers the company's own stock, investments that are not eligible, securities from bankrupt companies, and investments meant to get around the rules.
The statute, as written — Prohibited investments
In addition to investments excluded under other provisions of this article, an insurer shall not, except with the commissioner's approval in advance, invest in or loan its funds upon the security of, or hold: (1) Issued shares of its own capital stock, except for the purpose of mutualization in accordance with section 431:4-502. (2) Any investment or loan ineligible under section 431:6-105. (3) Securities issued by an insolvent corporation. (4) Any investment or security which is found by the commissioner to be designed to evade any prohibition of this article.
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