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RSA 402:29-c · Purchasing Its Own Stock

Title
XXXVII: INSURANCE
Chapter
402 · INSURANCE COMPANIES AND AGENTS
Status
current
Official source linked
Yes
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402:29-c Purchasing Its Own Stock. – No company shall invest its funds in, or loan them on its own stock without the prior approval of the insurance commissioner. This section shall not prohibit a company from investing its funds in the stock or obligations of its parent company provided that:

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I.

Such stock shall be valued according to the Securities Valuation Manual of the National Association of Insurance Commissioners.

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II.

No company shall hold, at any one time, more than 10 percent of its policyholder surplus, in such stock or obligations.

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III.

Such stock, in order to qualify under this section, shall be traded on a nationally recognized stock exchange or on the NASDAQ system. Source. 1991, 372:4, eff. Jan. 1, 1992.

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Source note

Source. 1991, 372:4, eff. Jan. 1, 1992.

Source history

  • 1991, 372:4, eff. Jan. 1, 1992