California Insurance Code

§ 742.245

INS § 742.245 Effective Jan 1, 2009Div. 1 · Part 2 · Ch. 1 · Art. 4.7

Statute text

(a)A self-funded or partially self-funded multiple employer welfare arrangement shall maintain at least 25 percent of the surplus required by subdivision (n) of Section 742.24 in investments specified in Article 3 (commencing with Section 1170) of Chapter 2 of Part 2 of Division 1 and in Section 1192.5.

(b)The balance of the assets of a self-funded or partially self-funded multiple employer welfare arrangement may be invested in the following:

(1)An open-ended diversified management company, as defined in the federal Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.), that meets all of the following requirements:

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Legislative history

Amended by Stats. 2008, Ch. 428, Sec. 1. Effective January 1, 2009.