Bill > SB0696

This bill modifies Tennessee's insurance investment regulations by increasing percentage limits and adding new provisions for money market fund investments. Specifically, the legislation raises the investment threshold for certain domestic insurance companies from 1% to 20% in one section, and from 5% to 10% in another section. The bill also introduces a new provision allowing insurance companies to invest in two types of money market funds: government money market funds that exclusively invest in US government obligations, and Class 1 money market funds that meet specific criteria defined by the National Association of Insurance Commissioners (NAIC). These money market funds must conform to the NAIC's Purposes and Procedures Manual and are subject to specific investment guidelines, such as investing only in US government obligations or qualifying for specific reserve factors. The changes aim to provide insurance companies with more flexibility in their investment strategies while maintaining regulatory oversight. The bill takes effect immediately upon becoming law.

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https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0696&ga=114