Additional foreign investment and foreign currency allowance for insurers not authorized to do business in foreign jurisdiction but holding foreign contracts

In addition to investments allowed under NRS 682A.440 and 682A.442, an insurer that is not authorized to do business in a foreign jurisdiction, but which has outstanding insurance, annuity or reinsurance contracts on lives or risks resident or located in that foreign jurisdiction and denominated in foreign currency of that jurisdiction, may acquire foreign investments respecting that foreign jurisdiction, and may acquire investments denominated in the currency of that jurisdiction subject to the limitations of NRS 682A.402, 682A.404 and 682A.406. Investments made in accordance with this section in obligations of foreign governments, their political subdivisions and government-sponsored enterprises are not subject to the limitations of NRS 682A.402, 682A.404 and 682A.406 if those investments carry an SVO rating of 1 or 2. The aggregate amount of investments acquired by the insurer in accordance with this section must not exceed 105 percent of the amount of the insurer’s reserves, net of reinsurance, and other obligations under the contracts on lives or risks resident or located in the foreign jurisdiction.