reglab/housing_qa huggingface dataset:
CA Ins Code § 1191 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1191.

1191.  Excess funds investments may be made in the stock of any corporation organized and carrying on business under the laws of this or any other state, or of the United States, or of the District of Columbia, or of the Dominion of Canada or of any province of the Dominion of Canada.(Amended by Stats. 1951, Ch. 567.)
CA Ins Code § 1191.1 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1191.1.

1191.1.  Excess fund investments may be made in the purchase and sale of exchange traded call options on common stock pursuant to this section.An insurer may sell exchange traded call options only through an exchange and only with respect to stock which it owns. Common stock that is obligated under an unexpired written call option shall not be sold unless the insurer first enters into a closing purchase transaction. An insurer shall not sell any other options pursuant to this section.An insurer may purchase exchange traded call options only through an exchange and only for the purpose of a closing purchase transaction. An insurer shall not purchase any other options pursuant to this section.(Added by Stats. 1980, Ch. 814, Sec. 1.)
CA Ins Code § 1191.5 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1191.5.

1191.5.  (a)Excess fund investments may be made by a domestic life insurer having admitted assets aggregating in value not less than one hundred million dollars ($100,000,000) in the purchase and sale of call options on interest-bearing obligations pursuant to subdivision (b) or (c). These investments may be made only in options on interest-bearing obligations issued by the United States of America, or any of its agencies or instrumentalities specified in Section 1180.(b) An insurer may purchase call options pursuant to this section for the sole purpose of executing a closing purchase transaction for the interest-bearing obligation subject to the option. An insurer shall not purchase any other options pursuant to this section.(c) An insurer may sell call options pursuant to this section only on interest-bearing obligations that it owns. An insurer shall not sell an interest-bearing obligation subject to an unexpired written call option sold by it except pursuant to a closing purchase transaction under the call option.(Added by Stats. 1989, Ch. 1129, Sec. 2.)
CA Ins Code § 1192 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1192.

1192.  Excess funds investments may be made in:(a) Interest-bearing obligations issued by a nonaffiliate institution, as defined in paragraph (5) of subdivision (f) of Section 1196.1, organized under the laws of any state, or of the United States, or of the District of Columbia, or of the Dominion of Canada or of any province of the Dominion of Canada, or interest-bearing obligations registered with the Securities and Exchange Commission and publicly traded issued by an affiliate corporation organized under the laws of any state, or of the United States, or of the District of Columbia, or of the Dominion of Canada or of any province of the Dominion of Canada, or interest-bearing obligations issued by an authority established pursuant to the California Industrial Development Financing Act provided for in Title 10 (commencing with Section 91500) of the Government Code, to which the corporation is obligated with respect to payment, or(b) Equipment trust obligations or certificates, or other adequately secured instruments, evidencing an interest in or lien upon transportation equipment used or to be used by a common carrier or common carriers and a right to receive determined portions of fixed obligatory payments for the use or purchase of this equipment, when the obligations, certificates, or instruments are issued by a corporation specified in subdivision (a) or are unconditionally guaranteed or assumed by the corporation as to principal and as to interest or dividends and as to the payment of the fixed obligatory payments or the payment of the determined portions thereof.(Amended by Stats. 2020, Ch. 370, Sec. 216. (SB 1371) Effective January 1, 2021.)
CA Ins Code § 1192.1 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1192.1.

1192.1.  Excess funds investments may be made in bonds, notes or other obligations issued, assumed or guaranteed by the International Bank for Reconstruction and Development, or the Inter-American Development Bank, or the Government Development Bank for Puerto Rico, or the Asian Development Bank, the International Finance Corporation, or the African Development Bank. Investments held under the authority of this section at any one time shall not be in excess of 21/2 percent of the insurer’s admitted assets or an amount equal to 25 percent of the total of the capital and surplus of such insurer, whichever is the lesser. Percentage or dollar value of assets and surplus as provided herein shall be determined by the insurer’s last preceding annual statement of conditions and affairs filed with the commissioner pursuant to law.(Amended by Stats. 1991, Ch. 1206, Sec. 8.)
CA Ins Code § 1192.3 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1192.3.

1192.3.  Excess fund investments may be made by a life insurer having admitted assets aggregating in value not less than two hundred million dollars ($200,000,000) in the following:(a) Equipment obligations, securities, or certificates of any equipment trust evidencing rights to receive partial payments agreed to be made upon any contract of leasing or conditional sale.(b) The purchase and ownership of machinery or equipment, which is or will within 30 days after acquisition become subject to contracts for sale or use under which contractual payments may reasonably be expected to return the principal of and provide earnings on the investment within the anticipated useful life of the property which shall be not less than five years.Except upon the prior approval, in writing, of the commissioner, an investment may not be made under the authority of this section if at the time of the making of such investment it would result in such insurer then owning such obligations, securities, certificates, machinery and equipment in an amount exceeding five percent of such insurer’s admitted assets as determined by the insurer’s last preceding annual statement filed with the commissioner.Any investment in a single piece of machinery or equipment shall not be made in excess of one percent of the insurer’s admitted assets or 10 percent of the aggregate of the insurer’s capital paid-up and unassigned surplus, whichever is larger.(Added by Stats. 1980, Ch. 1049, Sec. 1.)
CA Ins Code § 1192.4 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1192.4.

1192.4.  No domestic insurer shall have more than 10 percent of its capital and surplus invested in stock of corporations organized under the laws of the Dominion of Canada or of any province of the Dominion of Canada, but this limitation shall not affect the authority conferred by Sections 1172, 1199 and 1240.(Amended by Stats. 1955, Ch. 206.)
CA Ins Code § 1192.5 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1192.5.

1192.5.  Excess funds investments may be made in all deposits and debt obligations of banks or savings and loan associations whose accounts are insured by an agency or instrumentality of the federal government including accounts or certificates of deposit not subject to Section 1182, bankers’ acceptances, and commercial paper.(Amended by Stats. 1991, Ch. 539, Sec. 10.)
CA Ins Code § 1192.6 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1192.6.

1192.6.  (a) An insurer, except an insurer authorized to transact mortgage guaranty insurance as defined in Section 119, may invest in a mortgage, mortgage-backed bond, or a mortgage participation, pass-through, conventional pass-through, trust or participation certificate, which is secured by or represents an undivided interest in any loan secured by real property if the loan is a permitted investment for the insurer or in a pool of those loans if each is a permitted investment for an insurer; and for which there exists, at the time of making the investment, a resale market.(b) If the loan or pools of loans have been transferred or contributed by an insurer to a corporation, all the voting securities of which are owned by the insurer, then the mortgage, mortgage-backed bond, or mortgage participation, pass-through, conventional pass-through, trust or participation certificate secured by or representing an undivided interest in the loan or pool of loans shall not be revalued solely due to that transfer. Any subsequent transfer to an affiliate from the wholly owned subsidiary shall be valued at the lower of book value or market value.(Added by Stats. 1987, Ch. 242, Sec. 2.)
CA Ins Code § 1192.7 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1192.7.

1192.7.  (a) A domestic insurer having admitted assets aggregating in value not less than one hundred million dollars ($100,000,000) may make excess funds investments in participation certificates (1) which represent an undivided interest in an interest-bearing obligation issued by a corporation and (2) for which a resale market exists at the time the investment is made.(b) No investment in a participation certificate may be made pursuant to this section unless the entire obligation is a form of investment which the insurer would be authorized to acquire pursuant to subdivision (a) of Section 1192.(c) An investment may not be made under the authority of this section if at the time of making the investment it would result in the insurer then owning participation certificates described in this section in an amount exceeding 4 percent of the insurer’s admitted assets as determined by the insurer’s last preceding annual statement filed with the commissioner.(Amended by Stats. 1993, Ch. 616, Sec. 1. Effective January 1, 1994.)
CA Ins Code § 1192.8 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1192.8.

1192.8.  (a) A domestic life insurer having admitted assets aggregating in value not less than one hundred million dollars ($100,000,000) may make excess fund investments pursuant to this section in interest-bearing notes, bonds, or obligations issued by (1) any operating business trust or limited partnership organized under the laws of any state of the United States, the District of Columbia, the Dominion of Canada, any province of the Dominion of Canada or (2) an authority established pursuant to the California Industrial Development Financing Act, Title 10 (commencing with Section 91500) of the Government Code. The issuer of the notes, bonds, or obligations through itself or its paying agent shall be obligated thereunder to make payments, with respect to the notes, bonds, or other obligations, directly to the insurer or the insurer’s nominee.(b) Except upon the prior written approval of the commissioner, an investment may not be made under the authority of this section unless the note, bond, or obligation is exchange-traded. “Exchange-traded,” as used in this subdivision, means listed and traded on the National Market System of the NASDAQ Stock Market or on a securities exchange subject to regulation, supervision, or control under a statute of the United States and acceptable to the commissioner.(c) Without the prior written consent of the commissioner, an investment made pursuant to this section shall not exceed in the aggregate 10 percent of the life insurer’s policyholder surplus.(d) A request to the commissioner for (1) approval pursuant to subdivision (b) to invest in notes, bonds, or obligations that are not exchange-traded or (2) consent to exceed the 10 percent limitation set forth in subdivision (c), shall be in writing and shall be accompanied by any supporting data and documentation that the commissioner may require. The commissioner shall require the payment of a fee of seven thousand four hundred seventy-two dollars ($7,472), in advance, for the determination of whether to approve or disapprove each request. Each request shall be in writing and shall be deemed approved unless the commissioner disapproves it within 60 days with respect to requests under subdivision (c) or 20 days with respect to requests under subdivision (b), after the request has been filed in the commissioner’s office.(e) This section shall not be construed to increase or reduce the authority to invest in any operating business trust or limited partnership specifically permitted in other sections of this code.(Amended by Stats. 2017, Ch. 534, Sec. 26. (AB 1699) Effective January 1, 2018.)
CA Ins Code § 1192.10 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1192.10.

1192.10.  (a) Excess funds investments may be made in securities evidencing an undivided interest in, the right to receive payments from, or payable primarily from distributions on a pool of financial assets held by an unaffiliated business entity, other than those authorized by Section 1192.6, if all of the following conditions are met:(1) The business entity is not a sole proprietorship and is established solely for the purpose of acquiring specific types of financial assets, issuing securities representing an undivided interest in, or right to receive cash flows from, those assets, and engaging in related activities.(2) The pool of assets consists solely of interest-bearing obligations or other contractual obligations representing the right to receive payment from the assets.(3) The investment is rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization approved by the Securities and Exchange Commission and within one of the two highest categories established by the securities valuation office of the National Association of Insurance Commissioners.(b) No investment under this section may be made if, as a result of giving effect to that investment, the aggregate amount of investments then held by the insurer under this section would exceed 10 percent of its admitted assets.(c) Investments authorized by this section shall not be subject to subdivision (c) of Section 1196.(Added by Stats. 1993, Ch. 512, Sec. 1. Effective January 1, 1994.)
CA Ins Code § 1193 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1193.

1193.  Excess funds investments may be made in bonds of any permanent road division, or any district of any state when such bonds are legal investments for savings banks of this State, or have been certified as legal investments for savings banks pursuant to Division 10 of the Water Code, or when the statutes or laws providing for the issuance of such bonds, provide that such bonds shall be entitled to the same force or value or use as bonds issued by any municipality, or such law specifically states that such bonds shall be legal investments for either savings banks, insurance companies, all trust funds, state school funds or any funds which may be invested in bonds of cities, counties, cities and counties, school districts, or municipalities in the State, or when such bonds have been investigated and approved by a commission or board now or hereafter authorized by law to conduct such investigation and give such approval when such law specifies that upon such approval said bonds are legal investments for insurers, or which the commissioner approves in writing as legal for investment of the funds of insurers. The commissioner in determining whether to approve any bonds as legal investments which do not otherwise qualify as such, shall make, upon the request of any insurer, at such insurer’s expense, an investigation and finding as provided for in Section 1175.(Amended by Stats. 1953, Ch. 1653.)
CA Ins Code § 1194 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1194.

1194.  Excess funds investments may be made in bonds issued by any county, municipality, or school district in this State to represent assessments for local improvements authorized by law. At the date of such investment the purchase price or principal loaned shall not exceed fifty per cent of the market value of the real property or of the real property together with the improvements thereon, upon which the bond is the first lien.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 1194.1 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1194.1.

1194.1.  Excess funds investments may be made in bonds issued pursuant to the Improvement Bond Act of 1915.(Added by Stats. 1957, Ch. 659.)
CA Ins Code § 1194.5 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1194.5.

1194.5.  Excess funds investments may be made in any debt obligation issued by the United States, a federal agency or entity authorized to issue debt obligations by federal statute; the Commonwealth of Puerto Rico, its agencies and political subdivisions; any state, its agencies or political subdivisions, or by any city, county, or city and county, or by any department or board of such city, county, or city and county, whether issued in bearer, registered or book entry form.(Amended by Stats. 1983, Ch. 115, Sec. 2.)
CA Ins Code § 1194.6 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1194.6.

1194.6.  (a) Excess funds investments may be made by an insurer in bonds, notes, or other evidences of indebtedness payable in United States dollars, and issued by a corporation incorporated under the laws of an alien government provided all of the following conditions are met: (1) All the stock of the corporation is owned and ultimately controlled by a domestic corporation. (2) Payment in full of any bond, note, or other evidence of indebtedness is guaranteed by the domestic corporation. (3) Any bond, note, or other evidence of indebtedness is evaluated by the National Association of Insurance Commissioners as a bond which may be carried at amortized cost. (b) Excess fund investments may be made by a life insurer in bonds, notes, or other evidence of indebtedness payable in a currency other than United States dollars and issued by a corporation incorporated under the laws of an alien government provided all the following conditions are met: (1) All of the stock of the corporation is owned and ultimately controlled by a domestic corporation.(2) Payment in full of any bond, note, or other evidence of indebtedness is guaranteed by the domestic corporation. (3) Any bond, note, or other evidence of indebtedness is evaluated by the National Association of Insurance Commissioners as a bond which may be carried at amortized cost. (4) The life insurer shall, prior to or within five business days after purchase, enter into a contract with a qualified bank pursuant to which the bank agrees to exchange the payments made on the nondollar denominated investment for the full term to maturity of the investment for United States currency at a rate approximating the prevailing exchange rate at the time of the purchase. For purposes of this subdivision, a qualified bank means a bank the accounts of which are insured by an agency or instrumentality of the federal government or which is a member of the Federal Reserve System and a bank that has a net worth equal to or in excess of two hundred fifty million dollars ($250,000,000) as shown on its most recently published financial statements. (c) “Domestic,” as used in this section, means organized under the laws of any state, or of the United States or of the District of Columbia.(Amended by Stats. 1991, Ch. 539, Sec. 11.)
CA Ins Code § 1194.7 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 4 - Property Authorized for Excess Funds Investments|Section 1194.7.

1194.7.  Excess funds investments may be made in the stock of a Federal home loan bank. Any domestic incorporated insurer investing in the stock of a Federal home loan bank and thereby becoming a member thereof shall have power (a) to obtain advances from, and (b) to pledge collateral as security for such advances from such Federal home loan bank.(Added by Stats. 1937, Ch. 738.)