MI HB5148

Expands qualified assets for domestic insurers to include governmental bonds and securities from foreign governments and their subdivisions, authorities, and instrumentalities.

Permits investment in bonds or other evidences of indebtedness from political subdivisions of the United States, states, counties, and agencies that have special revenues pledged or appropriated by law for payment of principal and interest.

Allows investment in preferred stocks of companies organized under laws of the United States, any state, the District of Columbia, Canada, or Canadian provinces or territories if dividends have been continuously paid for 5 years preceding investment.

Maintains existing limitations on domestic insurer investments in governmental securities as prescribed in section 901(2)(f).

Effective 91 days after final adjournment of the 2014 Regular Session; approved by Governor June 3, 2014.