Senate Commerce Committee Statement to Senate, No. 3409 — State of New Jersey (January 26, 2023)

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 3409, State of New Jersey, dated January 26, 2023, reporting the bill favorably with committee amendments. As amended, the bill lets an insurance company invest in securities, properties and other investments in foreign countries, beyond those in current law, up to 20% of the insurer's total admitted assets as of December 31 next preceding. Investments other than qualified foreign investments may not exceed 5% of admitted assets, and investments in any one foreign country may not exceed 10%. The bill is identical to Assembly Bill No. 4785 (1R).

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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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