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Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4785 (February 13, 2023)

Summary

Assembly Commerce and Economic Development Committee Statement to First Reprint Assembly, No. 4785, State of New Jersey, dated February 13, 2023. The committee reports favorably Assembly Bill No. 4785 (1R). The statement says the bill amends the law concerning the foreign investments an insurance company is permitted to make. Under the bill, an insurance company may invest in securities, properties, and other investments in foreign countries up to 20% of the insurer's total admitted assets in the aggregate at any one time. It states that investments other than qualified foreign investments may not exceed 5% of admitted assets and that any one foreign country may not exceed 10% of admitted assets.

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“Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4785 (February 13, 2023).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-02-13-ace-a4785-s2-c1c02493aa/, SHA-256 1d810e3ec5e38c2ac86944bf61f08929df0a38d7a0d34f2391824dfea6f93ffb.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                             [First Reprint]
                     ASSEMBLY, No. 4785

       STATE OF NEW JERSEY
                        DATED: FEBRUARY 13, 2023

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 4785 (1R).
          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.

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