Bill Text: IA HF2175 | 2017-2018 | 87th General Assembly | Enrolled

Iowa House Bill 2175 (Prior Session Legislation)

Bill Title: A bill for an act relating to the maximum value of life insurance companies’ and life insurance associations’ investments in CM3 classified mezzanine loans as a percentage of such company’s or association’s legal reserve. (Formerly HSB 544.) Effective 7-1-18.

Spectrum: Committee Bill

Status: (Passed) 2018-03-07 - Signed by Governor. H.J. 514. [HF2175 Detail]

Download: Iowa-2017-HF2175-Enrolled.html


House File 2175 - Enrolled




                              HOUSE FILE       
                              BY  COMMITTEE ON COMMERCE

                              (SUCCESSOR TO HSB 544)
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                                   A BILL FOR
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                                        House File 2175

                             AN ACT
 RELATING TO THE MAXIMUM VALUE OF LIFE INSURANCE
    COMPANIES' AND LIFE INSURANCE ASSOCIATIONS' INVESTMENTS
    IN CM3 CLASSIFIED MEZZANINE LOANS AS A PERCENTAGE OF SUCH
    COMPANY'S OR ASSOCIATION'S LEGAL RESERVE.

 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    Section 1.  Section 511.8, subsection 9, paragraph h,
 subparagraph (3), subparagraph division (a), Code 2018, is
 amended to read as follows:
    (a)  The value of a company's or association's total
 investments qualified under this paragraph "h" in mezzanine
 real estate loans classified as CM3 in accordance with the
 national association of insurance commissioners' rating
 methodology or an equivalent or successor rating at the time
 of purchase shall not exceed two three percent of the legal
 reserve.


                                                                                            LINDA UPMEYER


                                                                                            JACK WHITVER


                                                                                            CARMINE BOAL


                                                                                            KIM REYNOLDS

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