| | | Be it enacted by the People of the State of Maine as follows: |
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| | | Sec. 1. 24-A MRSA §1106, sub-§4, as amended by PL 1993, c. 313, §21, | | is further amended to read: |
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| | | 4. Except as otherwise expressly provided, an insurer may not | | invest more than 10% of its assets in the securities of any one | | person, other than investments eligible under the following | | sections: |
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| | A. 1107 (public obligations); and |
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| | | B. 1108 (obligations, stock of certain federal and | international agencies). |
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| | | C.__1120 (common trust funds, mutual funds), but as to this | | exception, only with the prior approval of the | | superintendent and in qualifying indexed mutual funds. |
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| | | This bill permits property, casualty and nonlife insurers, | | upon prior approval of the Superintendent of Insurance, to invest | | more than 10% of their assets in qualifying indexed mutual funds | | managed by one investment firm. |
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