Tennessee 2025-2026 Regular Session

Tennessee House Bill HB0161 Compare Versions

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Version 2 (New)

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7		-	J ettne&See Se!Ulie
8		-	PUBLIC CHAPTER NO. 71
9		-	SENATE BILL NO. 696
10		-	By Johnson, Stevens
11		-	Substituted for: House Bill No. 161
	1	+
	2	+	SENATE BILL 696
	3	+	By Johnson
	4	+
	5	+	HOUSE BILL 161
12	6		By McCalmon
13		-	AN ACT to amend Tennessee Code Annotated, Title 56, Chapter 3, Part 4, relative to investments
14		-	by insurance companies.
	7	+
	8	+
	9	+	HB0161
	10	+	000904
	11	+	- 1 -
	12	+
	13	+	AN ACT to amend Tennessee Code Annotated, Title 56,
	14	+	Chapter 3, Part 4, relative to investments by
	15	+	insurance companies.
	16	+
15	17		BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
16		-	SECTION 1. Tennessee Code Annotated, Section 56-3-403(c), is amended by deleting ~~the~~
17		-	language "one percent (1 %)" and substituting "twenty percent (20%)".
18		-	SECTION 2. Tennessee Code Annotated, Section 56-3-402(15), is amended by ~~deleting the~~
19		-	language "five percent (5%)" and substituting "ten percent (10%)".
	18	+	SECTION 1. Tennessee Code Annotated, Section 56-3-403(c), is amended by deleting
	19	+	the language "one percent (1%)" and substituting "twenty percent (20%)".
	20	+	SECTION 2. Tennessee Code Annotated, Section 56-3-402(15), is amended by
	21	+	deleting the language "five percent (5%)" and substituting "ten percent (10%)".
20	22		SECTION 3. Tennessee Code Annotated, Section 56-3-402, is amended by adding the
21	23		following new subdivision:
22		-	(17)(A) In a money market fund, as defined by 17 CFR 270.2a-7 under the
23		-	Investment Company Act of 1940 (15 U.S.C. §§ B0a-1 et seq.), that may be either of
24		-	the following:
25		-	(i) A government money market fund that is a money market fund that:
26		-	(a) Invests only in obligations issued, guaranteed, or insured by
27		-	the federal government of the United States or collateralized
28		-	repurchase agreements composed of these obligations; and
	24	+	(17)
	25	+	(A) In a money market fund, as defined by 17 CFR 270.2a-7 under the
	26	+	Investment Company Act of 1940 (15 U.S.C. §§ 80a-1 et seq.), that may be
	27	+	either of the following:
	28	+	(i) A government money market fund that is a money market fund
	29	+	that:
	30	+	(a) Invests only in obligations issued, guaranteed, or
	31	+	insured by the federal government of the United States or
	32	+	collateralized repurchase agreements composed of these
	33	+	obligations; and
29	34		(b) Qualifies for investment without a reserve under the
30		-	Purposes and Procedures Manual of the National Association of
31		-	Insurance Commissioners (NAIC) Investment Analysis Office or, if it is
32		-	no longer being published, the successor publication to the Purposes
33		-	and Procedures Manual of the NAIC Investment Analysis Office; or
	35	+	Purposes and Procedures Manual of the of the National
	36	+	Association of Insurance Commissioners (NAIC) Investment
	37	+
	38	+
	39	+	- 2 - 000904
	40	+
	41	+	Analysis Office or, if it is no longer being published, the successor
	42	+	publication to the Purposes and Procedures Manual of the NAIC
	43	+	Investment Analysis Office; or
34	44		(ii) A Class 1 money market fund that is a money market fund that
35	45		qualifies for investment using the bond Class 1 reserve factor under the
36		-	Purposes and Procedures Manual of the NAIC Investment Analysis Office or,
37		-	if it is no longer being published, the successor publication to the Purposes
38		-	and Procedures Manual of the NAIC Investment Analysis Office.
39		-	(B) For the purposes of complying with this subdivision (17), money market
40		-	funds qualifying for listing within these categories must conform to the Purposes and
41		-	Procedures Manual of the NAIC Investment Analysis Office or, if it is no longer being
42		-	published, the successor publication to the Purposes and Procedures Manual of the
43		-	NAIC Investment Analysis Office.
44		-	SECTION 4. This act takes effect upon becoming a law, the public welfare requiring it. PASSED:
45		-	SENATE BILL NO. 696
46		-	March 10, 2025
47		-	RANDY )llcNALL Y
48		-	SPEAKER OF THE SENATE
49		-	CAMER9N SEXTON, SPEAKER
50		-	HOUSE OF REPRESENTATIVES
51		-	APPROVED this {).Sir/,. day of r/luLcL 2025
52		-	, --·'ERNOR
	46	+	Purposes and Procedures Manual of the NAIC Investment Analysis Office
	47	+	or, if it is no longer being published, the successor publication to the
	48	+	Purposes and Procedures Manual of the NAIC Investment Analysis
	49	+	Office.
	50	+	(B) For the purposes of complying with this subdivision (17), money
	51	+	market funds qualifying for listing within these categories must conform to the
	52	+	Purposes and Procedures Manual of the NAIC Investment Analysis Office or, if it
	53	+	is no longer being published, the successor publication to the Purposes and
	54	+	Procedures Manual of the NAIC Investment Analysis Office.
	55	+	SECTION 4. This act takes effect upon becoming a law, the public welfare requiring it.