§431:6-322  Common trust funds; mutual funds; and [exchange] traded funds.  (a)  Subject to the limitations in subsections (b) and (c), an insurer may invest in:

     (1)  A bank's common trust fund as defined in Section 584 of the United States Internal Revenue Code of 1986, as amended;

     (2)  The securities of any open-end management type investment company or investment trust registered with the federal Securities and Exchange Commission under the Investment Company Act of 1940, as amended, if the investment company or trust, other than one of which as a subsidiary of the insurer is investment adviser or principal underwriter, has a new value of not less than $25,000,000 as of the date of investment by the insurer; and

     (3)  An exchange traded fund that is registered with the federal Securities and Exchange Commission under the Investment Company Act of 1940, as amended, and is traded on a public exchange.

     (b)  In aggregate, an insurer's amount of investment in common trust funds, mutual funds, and exchange traded funds, including investments made pursuant to section 431:6-317(a), shall not exceed the greater of twenty-five per cent of its admitted assets or one hundred per cent of its surplus as regards to policyholders as defined in section 431:6-101.  This limitation shall not apply to investments approved on the "Mutual Funds List" from the Purposes and Procedures Manual of the SVO, or its successor publication.

     (c)  An insurer may invest any of its funds in common trust funds, mutual funds, and exchange traded funds after satisfying the requirements of section 431:6-201. [L 1987, c 349, §4; am L 2008, c 142, §9]