CHAPTER 46

An Act to amend and reenact § 38.1-187 of the Code of Virginia, relatir
to the investment by an insurer in its own capital stock. rH Bt

Approved February 26, 1966

Be it enacted by the General Assembly of Virginia:
1. That § 38.1-187 of the Code of Virginia be amended and reenact
as follows:

§ 38.1-187. In addition to investments excluded under other prov
sions of this title, no insurer shall invest in or loan its funds upon tl
assets comprising its excess capital and surplus in its own stock as pro-
vided in § 18.1-4 n such amount or amounts as the Commission may in
its discretion determine not to adversely affect the company or its policy-
holders and to be proper under all these circumstances; no such invest-
ment in its own stock shall be considered a violation of § 38.1-89; pro-
‘ided, however, no insurer may invest in or own more than twenty per-
ent of its outstanding issued stock;

(2) Securities issued by an insolvent corporation; or

(3) Any investment or security which is found by the Commission
be designed to evade any prohibition of this title.