Bill Text: IA SSB3056 | 2017-2018 | 87th General Assembly | Introduced
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.
Spectrum: Committee Bill
Status: (N/A - Dead) 2018-01-25 - Subcommittee recommends passage. [SSB3056 Detail]
Download: Iowa-2017-SSB3056-Introduced.html
Senate
Study
Bill
3056
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
CHAPMAN)
A
BILL
FOR
An
Act
relating
to
the
maximum
value
of
life
insurance
1
companies’
and
life
insurance
associations’
investments
2
in
CM3
classified
mezzanine
loans
as
a
percentage
of
such
3
company’s
or
association’s
legal
reserve.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
TLSB
5519SC
(3)
87
ko/rj
S.F.
_____
Section
1.
Section
511.8,
subsection
9,
paragraph
h,
1
subparagraph
(3),
subparagraph
division
(a),
Code
2018,
is
2
amended
to
read
as
follows:
3
(a)
The
value
of
a
company’s
or
association’s
total
4
investments
qualified
under
this
paragraph
“h”
in
mezzanine
5
real
estate
loans
classified
as
CM3
in
accordance
with
the
6
national
association
of
insurance
commissioners’
rating
7
methodology
or
an
equivalent
or
successor
rating
at
the
time
8
of
purchase
shall
not
exceed
two
three
percent
of
the
legal
9
reserve.
10
EXPLANATION
11
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
12
the
explanation’s
substance
by
the
members
of
the
general
assembly.
13
This
bill
relates
to
the
maximum
value
of
a
life
insurance
14
company’s
and
life
insurance
association’s
investments
in
CM3
15
classified
mezzanine
loans
as
a
percentage
of
such
company’s
or
16
association’s
legal
reserve.
The
current
maximum
value
of
such
17
investments
is
2
percent
of
a
company’s
or
association’s
legal
18
reserve.
The
bill
increases
the
maximum
value
to
3
percent
of
19
such
company’s
or
association’s
legal
reserve.
20
-1-
LSB
5519SC
(3)
87
ko/rj
1/
1
