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Senate Commerce Committee Statement to Senate, No. 3409 (January 26, 2023)

Summary

Senate Commerce Committee Statement to Senate, No. 3409, with committee amendments, State of New Jersey, dated January 26, 2023. The committee reports Senate Bill No. 3409 favorably and with committee amendments. As amended, the bill amends the law on the foreign investments an insurance company is permitted to make, allowing investment in securities, properties and other investments in foreign countries. The aggregate amount at any one time may not exceed 20% of the total admitted assets of the insurer, with a cap of 10% of admitted assets for any one foreign country. The statement says the amended bill is identical to Assembly Bill No. 4785.

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“Senate Commerce Committee Statement to Senate, No. 3409 (January 26, 2023).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-01-26-scm-s3409-s1-b208b44823/, SHA-256 ac85a842b5d58926ffeabff21cec89b61ee6a0900ff729f9d82c955ee82f70e9.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 3409
                   with committee amendments



 STATE OF NEW JERSEY
                   DATED: JANUARY 26, 2023

    The Senate Commerce Committee reports favorably and with
committee amendments Senate Bill No. 3409.
    As amended, this bill amends the law concerning the foreign
investments that an insurance company is permitted to make. Under
the bill, an insurance company may invest in securities, properties and
other investments in foreign countries, in addition to those specified
under current law, which are substantially of the same character as
prescribed for authorized investments for funds of the insurance
company, to an amount valued at cost, not exceeding in the aggregate
at any one time 20% of the total admitted assets of the insurer as of
December 31 next preceding; provided, however, that the amount
invested pursuant to the bill in authorized investments, other than
qualified foreign investments, does not exceed in the aggregate, at any
one time, 5% of admitted assets; and that the amount invested in
authorized investments in any one foreign country pursuant to the bill
does not exceed in the aggregate, at any one time, 10% of the admitted
assets.
    As amended and reported, this bill is identical to Assembly Bill
No. 4785 (1R).

COMMITTEE AMENDMENTS:
    The committee amended the bill to replace the existing provisions
of the bill with provisions permitting insurance companies to invest in
securities, properties and other investments in foreign countries, in
addition to those specified under current law, under certain
circumstances.

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