NY A00383

Expands the state insurance fund's authorized investment types to include paragraphs 1-4 of subsection (b) of Insurance Law section 1402 and paragraphs 1-7 and 11 of subsection (a) of Insurance Law section 1404, removing restrictions tied to Banking Law section 235.

Requires a minimum of five percent of reserve funds to be invested in specified securities without regard to qualitative standards or quantitative limitations that would otherwise apply.

Modifies surplus fund investment rules to allow investments exceeding 70 percent of aggregate loss reserves without being subject to standard qualitative or quantitative limitations, in accordance with Insurance Law section 1410.

Removes aggregate investment caps on surplus funds previously limited to 50 percent for certain investment types and eliminates the 15 percent prudent investor allocation restriction.

Extends investment diversification provisions to the state insurance fund by including it in the definition of "insurer" under Insurance Law section 1410.