IN HB1089

Authorizes designated public officers and the state treasurer to invest available public funds in fixed annuity contracts

Requires fixed annuity contracts to have a fixed rate of return and a term of no more than 5 years from the initial purchase date

Limits eligible annuity contracts to those offered by insurance companies authorized to do business in Indiana by the Department of Insurance

Requires the insurance company to have credit ratings from at least two nationally recognized rating agencies, with ratings in one of the top three credit categories for insurance companies

Effective date of July 1, 2013