§ 38.2-1427 Common stock; covered call options
A. A domestic insurer may invest in the common capital stock of any company incorporated under the laws of the United States or any state, if the common capital stock of the corporation is traded on a securities exchange or on an over-the-counter market regulated under the Securities Exchange Act of 1934, as amended.
B. A domestic insurer also may write exchange-traded, covered call options on shares of common capital stock it owns.
C. No domestic insurer shall invest, pursuant to this section, in more than ten percent of the issued and outstanding common capital stock of any one corporation or issuer.
History
This law was first created in 1983. The record of its establishment is cataloged in chapter 457 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1983 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1986, chapter 562; in 1992, chapter 588.
1983, c. 457, § 38.1-217.30; 1986, c. 562; 1992, c. 588.