Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4785 (1R) (February 13, 2023)

Summary

An Assembly Commerce and Economic Development Committee statement to the First Reprint of Assembly, No. 4785, State of New Jersey, dated February 13, 2023, reporting the bill favorably. The bill amends the law on foreign investments an insurance company may make. An insurer could invest in securities, properties and other investments in foreign countries up to 20% of its total admitted assets as of the preceding December 31. Investments other than qualified foreign investments could not exceed 5% of admitted assets, and investments in any one foreign country could not exceed 10% of admitted assets.

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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).

T his 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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