House
File
2175
-
Enrolled
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
House
File
2175,
p.
2
of
purchase
shall
not
exceed
two
three
percent
of
the
legal
reserve.
______________________________
LINDA
UPMEYER
Speaker
of
the
House
______________________________
JACK
WHITVER
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
2175,
Eighty-seventh
General
Assembly.
______________________________
CARMINE
BOAL
Chief
Clerk
of
the
House
Approved
_______________,
2018
______________________________
KIM
REYNOLDS
Governor