(1) As used in this section, "qualified money market fund" means a mutual fund that complies with 17 CFR 270.2a-7, as amended, and that is registered under the federal "Investment Company Act of 1940", 15 U.S.C. sec. 80a-1 et seq., as amended. A domestic insurance company may invest in the shares of any one or more qualified money market funds subject to the following limitations: (a) (I) A domestic insurance company may invest in qualified money market funds that, at the time the investment is made, are either: (A) Qualified money market funds that invest only in obligations issued, guaranteed, or insured by the federal government of the United States or in collateralized repurchase agreements composed of these obligations, and that qualify for investment without a reserve under the purposes and procedures manual of the securities valuation office of the National Association of Insurance Commissioners; or (B) Qualified money market funds that qualify for investment using the bond class one reserve factor under the purposes and procedures manual of the securities valuation office of the National Association of Insurance Commissioners. (II) Investments in the shares of any one qualified money market fund qualifying under this subsection (1)(a) must not exceed ten percent of the domestic insurance company's total admitted assets. (b) Investments in shares of any one qualified money market fund not qualified under subsection (1)(a) of this section must not exceed five percent of the domestic insurance company's total admitted assets. The aggregate value of all shares that may be admitted assets under this subsection (1)(b) must not exceed ten percent of the company's total admitted assets. (c) At the time of an investment in a qualified money market fund under this section, the aggregate value of a domestic insurance company's investment in the fund must not exceed five percent of the shares of the fund. (2) to (4) (Deleted by amendment, L. 2000, p. 1731, § 5, effective August 15, 2000.)
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