Investment in direct obligations of foreign governments

Subject to the restrictions and limitations provided in this title, an insurer may invest in bonds, notes, warrants, and other securities not in default which are the direct obligations of the government of any foreign country which the International Monetary Fund lists as an industrialized country and for which the full faith and credit of such government has been pledged for the payment of principal and interest, provided such securities are listed as investment grade by the Securities Valuation Office of the National Association of Insurance Commissioners (NAIC) or as investment grade by a securities rating organization accepted by the NAIC. History. — Code 1981, § 33-11-12.1, enacted by Ga. L. 1997, p. 843, § 1; Ga. L. 1999, p. 592, § 6. 33-11-13. Obligations of political subdivisions or public authorities of states of United States, District of Columbia, or government of Canada. An insurer may invest in the obligations of any county, any incorporated city, town, or village, any school district, water district, sewer district, road district, or any special district, or any other political subdivision or public authority of any state, territory, or insular possession of the United States, or of the District of Columbia, or of the Canadian cities that have a population of over 25,000 according to the most recent official Census of Canada, which has not defaulted for a 499 33-11-15 period of 120 days in the payment of interest upon, or for a period of more than one year in the payment of principal of, any of its bonds, notes, warrants, certificates of indebtedness, securities, or any other interest-bearing obligation during the five years immediately preceding the acquisition of the investment. History. — Code 1933, § 56-1012, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6; Ga. L. 2006, p. 767, § 1/SB 385. 33-11-14. Industrial development obligations.