Senate
File
2288
-
Enrolled
Senate
File
2288
AN
ACT
RELATING
TO
LIFE
INSURANCE
COMPANY
OR
ASSOCIATION
INVESTMENTS
IN
FOREIGN
COUNTRIES
OTHER
THAN
CANADA,
AND
INCLUDING
APPLICABILITY
PROVISIONS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
511.8,
subsection
19,
Code
2022,
is
amended
by
striking
the
subsection
and
inserting
in
lieu
thereof
the
following:
19.
Other
foreign
investments.
a.
Investments
issued
by,
or
investment
practices
with,
a
counterparty
outside
of
either
the
United
States
or
Canada
of
substantially
the
same
type
as
those
investments
permitted
for
a
life
insurance
company
or
association
under
this
section,
subject
to
the
following
conditions:
(1)
The
aggregate
amount
of
foreign
investments
held
by
a
life
insurance
company
or
association
under
this
subsection
does
not
exceed
twenty
percent
of
the
life
insurance
company’s
or
association’s
legal
reserve.
(2)
The
aggregate
amount
of
foreign
investments
held
under
this
subsection
by
a
life
insurance
company
or
association
in
a
foreign
jurisdiction
that
has
a
sovereign
debt
rating
of
SVO
1,
as
determined
by
the
securities
valuation
office
of
the
national
association
of
insurance
commissioners,
does
not
exceed
ten
percent
of
the
life
insurance
company’s
or
association’s
legal
reserves,
and
for
all
other
foreign
Senate
File
2288,
p.
2
jurisdictions
does
not
exceed
three
percent
of
the
life
insurance
company’s
or
association’s
legal
reserve.
b.
Investments
acquired
under
this
subsection
shall
be
aggregated
with
investments
of
the
same
type
made
in
a
similar
manner
under
any
other
subsection
of
this
section
for
purposes
of
determining
compliance
with
any
limitations
contained
in
any
other
subsection
of
this
section.
c.
This
subsection
shall
not
limit
or
restrict
investments
in
Canadian
obligations
and
securities
specifically
authorized
in
any
other
subsection
of
this
section.
d.
This
subsection
shall
not
authorize
investments
issued,
assumed,
or
guaranteed
by
a
foreign
government
which
has
engaged
in
a
consistent
pattern
of
gross
violations
of
human
rights.
e.
Eligible
investments
in
foreign
investments
under
this
subsection
are
limited
to
the
types
of
investments
specifically
referred
to
in
this
subsection.
Sec.
2.
APPLICABILITY.
This
Act
applies
to
funds
invested
by
a
life
insurance
company
or
association
in
a
foreign
country
other
than
Canada
on
or
after
January
1,
2023.
______________________________
JAKE
CHAPMAN
President
of
the
Senate
______________________________
PAT
GRASSLEY
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2288,
Eighty-ninth
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2022
______________________________
KIM
REYNOLDS
Governor