IMPLEMENTATION LEVEL

Subnational

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
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Inception date: 07 Mar 2014 | Removal date: open ended
Still in force

FDI: Entry and ownership rule

On March 7, 2014 the governor of Virginia signed into law a bill (HB466) that expands the scope of foreign investments that may be made by insurance companies. The new law increases the portion of a domestic insurer's total admitted assets that may be invested in permitted securities of a foreign country from 10 to 15 percent.
 
The measure also increases the aggregate amount of securities of a single foreign country in which a domestic insurer may invest from 3 percent to 5 percent of the insurer's admitted assets if the foreign jurisdiction has a sovereign debt rating of SVO 1. If the foreign jurisdiction's sovereign debt rating is not SVO 1, the maximum amount of its securities in which the insurer may invest remains 3 percent.
 
Finally, the measure allows investments in securities of foreign jurisdictions to be payable in currencies of foreign countries if the investment is effectively hedged, substantially in its entirety, against U.S. currency.

AFFECTED COUNTRIES

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