FL S0948

Increases the State Board of Administration's authority to invest in foreign securities from 35 percent to up to 50 percent of any fund in corporate obligations and securities of foreign corporations or entities.

Revises definitions and criteria for identifying "scrutinized companies" with business operations in Sudan and Iran, including companies engaged in oil-related activities, mineral extraction, power production, or military equipment supply.

Requires the State Board of Administration to maintain and quarterly update two lists: "Scrutinized Companies with Activities in Sudan List" and "Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List," with exemptions for actively managed investment funds and exchange-traded funds.

Creates section 624.449 requiring domestic insurers to annually provide to the office a list of their investments in companies appearing on the State Board of Administration's Sudan and Iran scrutinized company lists.

Establishes expiration provisions allowing the public fund to cease divestment requirements if the U.S. Congress or President certifies specific conditions regarding Sudan (Darfur genocide halted, sanctions revoked, etc.) or Iran (ceased weapons development and terrorism support, sanctions revoked).