SSB 3069

Such governmental obligations must be valid, legally authorized, and issued, and on the date of acquisition have predominantly investment qualities and characteristics as provided by administrative rule. _____ corporation incorporated under the laws of the United States or Canada. Such foreign investments cannot exceed percent of the legal reserve of the company or association. Investments in obligations of a foreign government, other than Canada, the United Kingdom (UK), and foreign governments rated AAA by Standard and Poor’s division of McGraw-Hill companies, inc. (S&P), or Aaa by Moody’s investors services, inc. (Moody’s), cannot be in excess of percent of the legal reserve in the securities of foreign governments of any one foreign nation. Investments in obligations of the UK cannot exceed percent of the legal reserve. Investments in obligations of foreign governments rated either AAA by S&P, or Aaa by Moody’s, cannot exceed percent of the legal reserve. Investments in a corporation incorporated under the laws of a foreign government other than Canada cannot exceed percent of the legal reserve in the securities of any one foreign corporation. The bill applies to funds invested by a life insurance company or association in a foreign country other than Canada on or after January 1, 2023.