Georgia § 33-11-16 - Obligations issued, assumed, or guaranteed by International Bank for Reconstruction and Development or International Finance Corporation.

§ 33-11-16. Obligations issued, assumed, or guaranteed by International Bank for Reconstruction and Development or International Finance Corporation.

An insurer may invest in obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development or the International Finance Corporation. The investments authorized by this Code section shall not be counted as an investment of reserves under paragraph (4) of Code Section 33-11-5 at any one time in an amount greater than 5 percent of the insurer's admitted assets. Such investments shall be subject to all limitations and requirements of this article. In addition to authority contained in Code Section 33-11-8 and elsewhere in this title, an insurer may invest up to 10 percent of its admitted assets in securities or other investments within a foreign country which are similar in characteristics and quality to like investments authorized pursuant to this article for investments in the United States of America, including obligations of the government of such foreign country and its political subdivisions and instrumentalities, provided that the values of such securities or other investments shall be determined in accordance with the valuation methods then currently formulated or approved by the National Association of Insurance Commissioners or its successor organization. (Code 1933, § 56-1008, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1992, p. 2389, § 1; Ga. L. 1999, p. 592, §§ 5, 6.) Editor's notes. - Ga. L. 1992, p. 2389, § 2, effective April 20, 1992, not codified by the General Assembly, provides: "Notwithstanding any provision of this chapter to the contrary, a group policyholder may require an employee contribution or an additional contribution for spousal coverage where the spouse so covered is eligible to receive coverage under another group accident and sickness policy but declines such coverage." However, the reference to "this chapter" in the uncodified section is unclear since Ga. L. 1992, p. 2389, amended Code sections in both Chapter 7 and Chapter 11 of Title 33.