Bill Text: IA HF2175 | 2017-2018 | 87th General Assembly | Enrolled
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) \5 A BILL FOR \1 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 exceedtwothree percent of the legal reserve. LINDA UPMEYER JACK WHITVER CARMINE BOAL KIM REYNOLDS -1-