Section 5-504 - General qualifications of investments.
§ 5-504. General qualifications of investments.
(a) Purchase at price above market value.- A life insurer may not purchase an investment or security at a price above its market value.
(b) Control of another insurer.- Subsection (a) of this section does not prohibit a life insurer from acquiring control of another insurer.
(c) Acquisition as dividend or distribution or under agreement.- This subtitle does not prohibit a life insurer from acquiring other or additional securities or property that is received:
(1) as a dividend;
(2) as a lawful distribution of assets; or
(3) under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation.
[An. Code 1957, art. 48A, § 89; 1995, ch. 36.]