Insurance Law 7009 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7008 Suspension or revocation of license up ARTICLE 70 Captive Insurance Companies next SECTION 7010 Reinsurance Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7009 Investments Insurance (ISC) CHAPTER 28, ARTICLE 70 § 7009. Investments. (a) No captive insurance company shall be subject to any restrictions on allowable investments, except as set forth in subsections (b) and (c) of this section. (b) A group captive insurance company shall not make loans to the industrial insureds that comprise its industrial insured group. A pure captive insurance company may make loans to its parent company or affiliates with the prior approval of the superintendent. Such loan must be evidenced by a note in a form approved by the superintendent. Loans of minimum capital and surplus funds required by section seven thousand four of this article are prohibited. (c) The superintendent may prohibit or limit any investment that threatens the solvency or liquidity of any captive insurance company.