Bill Text: IA SF2172 | 2017-2018 | 87th General Assembly | Introduced

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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 SSB 3056.)

Sponsorship: Committee Bill

Status: (Introduced - Dead) 2018-02-26 - Withdrawn. S.J. 437. [SF2172 Detail]

Download: Iowa-2017-SF2172-Introduced.html

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Senate File 2172 - Introduced




                                 SENATE FILE       
                                 BY  COMMITTEE ON COMMERCE

                                 (SUCCESSOR TO SSB
                                     3056)

                                 (COMPANION TO HF 2175
                                     BY COMMITTEE ON
                                     COMMERCE)

                                      A BILL FOR

  1 An Act relating to the maximum value of life insurance
  2    companies' and life insurance associations' investments
  3    in CM3 classified mezzanine loans as a percentage of such
  4    company's or association's legal reserve.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    TLSB 5519SV (3) 87
    ko/rj

PAG LIN



  1  1    Section 1.  Section 511.8, subsection 9, paragraph h,
  1  2 subparagraph (3), subparagraph division (a), Code 2018, is
  1  3 amended to read as follows:
  1  4    (a)  The value of a company's or association's total
  1  5 investments qualified under this paragraph "h" in mezzanine
  1  6 real estate loans classified as CM3 in accordance with the
  1  7 national association of insurance commissioners' rating
  1  8 methodology or an equivalent or successor rating at the time
  1  9 of purchase shall not exceed two three percent of the legal
  1 10 reserve.
  1 11                           EXPLANATION
  1 12 The inclusion of this explanation does not constitute agreement with
  1 13 the explanation's substance by the members of the general assembly.
  1 14    This bill relates to the maximum value of a life insurance
  1 15 company's and life insurance association's investments in CM3
  1 16 classified mezzanine loans as a percentage of such company's or
  1 17 association's legal reserve. The current maximum value of such
  1 18 investments is 2 percent of a company's or association's legal
  1 19 reserve. The bill increases the maximum value to 3 percent of
  1 20 such company's or association's legal reserve.
       LSB 5519SV (3) 87
       ko/rj