summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2022
03/29/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
Relative to insurance company investments. Financial Services.
AI Summary
This bill amends Massachusetts law to allow insurance companies to invest in certain types of bond exchange-traded funds (ETFs) that meet specific criteria. The key provisions are: (1) the ETF must have at least $100 million in net assets, be registered with the SEC, and be designated as eligible for reporting as a long-term bond by the National Association of Insurance Commissioners (NAIC); (2) the ETF must use a specific accounting methodology to calculate its net asset value; and (3) the insurance company's investment in the ETF cannot exceed 15% of the company's capital and surplus. The bill also allows insurance companies to deposit these eligible ETF shares with the state insurance department as a statutory deposit, if required by law.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Amendment #1 (Garlick) adopted (on 07/29/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H1222 |
| Bill | https://malegislature.gov/Bills/192/H1222.pdf |
Loading...