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  • SECTION 1411
    Authorization of, and restrictions on, investments
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  • ARTICLE 14
    Investments
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  • SECTION 1413
    Investments of foreign and alien insurers
    • This entry was published on 2014-09-22
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    SECTION 1412

    Disposal or deduction of investments unlawfully acquired

    Insurance (ISC) CHAPTER 28, ARTICLE 14

    § 1412. Disposal or deduction of investments unlawfully acquired. (a)
    Every domestic insurer shall forthwith dispose of any investment
    acquired in violation of the law in force at the date of acquisition.

    (b) In determining the financial condition of any such insurer, the
    value of any wholly ineligible investments, and the value of any
    investment in excess of any limitation prescribed in this chapter, shall
    be deducted as a non-admitted asset of such insurer.