<BillNo> <Sponsor>
HOUSE BILL 161
By McCalmon
HB0161
000904
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AN ACT to amend Tennessee Code Annotated, Title 56,
Chapter 3, Part 4, relative to investments by
insurance companies.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 56-3-403(c), is amended by deleting
the language "one percent (1%)" and substituting "twenty percent (20%)".
SECTION 2. Tennessee Code Annotated, Section 56-3-402(15), is amended by
deleting the language "five percent (5%)" and substituting "ten percent (10%)".
SECTION 3. Tennessee Code Annotated, Section 56-3-402, is amended by adding the
following new subdivision:
(17)
(A) In a money market fund, as defined by 17 CFR 270.2a-7 under the
Investment Company Act of 1940 (15 U.S.C. ยงยง 80a-1 et seq.), that may be
either of the following:
(i) A government money market fund that is a money market fund
that:
(a) Invests only in obligations issued, guaranteed, or
insured by the federal government of the United States or
collateralized repurchase agreements composed of these
obligations; and
(b) Qualifies for investment without a reserve under the
Purposes and Procedures Manual of the of the National
Association of Insurance Commissioners (NAIC) Investment
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Analysis Office or, if it is no longer being published, the successor
publication to the Purposes and Procedures Manual of the NAIC
Investment Analysis Office; or
(ii) A Class 1 money market fund that is a money market fund that
qualifies for investment using the bond Class 1 reserve factor under the
Purposes and Procedures Manual of the NAIC Investment Analysis Office
or, if it is no longer being published, the successor publication to the
Purposes and Procedures Manual of the NAIC Investment Analysis
Office.
(B) For the purposes of complying with this subdivision (17), money
market funds qualifying for listing within these categories must conform to the
Purposes and Procedures Manual of the NAIC Investment Analysis Office or, if it
is no longer being published, the successor publication to the Purposes and
Procedures Manual of the NAIC Investment Analysis Office.
SECTION 4. This act takes effect upon becoming a law, the public welfare requiring it.