Additional investment authority for a property and casualty insurer

(a) A property and casualty insurer may acquire, hold, or make an investment of any kind or engage in an investment practice that is not specifically prohibited by 3 AAC 21.201 - .399 without regard to a limitation in .325 - .360. However, the property and casualty insurer may not acquire, hold, or make an investment or engage in an investment practice under this section if, as a result of and after giving effect to the transaction, the aggregate amount of the investments then held by the property and casualty insurer under this section would exceed the greater of (1) the property and casualty insurer's unrestricted surplus; or (2) the lesser of (A) 10 percent of the property and casualty insurer s admitted assets; or (B) 50 percent of the property and casualty insurer' s policyholder surplus. (b) A property and casualty insurer may not acquire, hold, or make an investment or engage in an investment practice under (a)(2) of this section if, as a result of and after giving effect to the transaction, the aggregate amount of all investments in any one person then held by the property and casualty insurer under this section would exceed five percent of the property and casualty insurer's admitted assets.