1995 Alaska Statutes
TITLE 21 INSURANCE
Chapter 21.21. INVESTMENTS
Sec. 21.21.150. PREFERRED OR GUARANTEED STOCK.
An insurer may invest in preferred or guaranteed stocks or shares of a solvent institution, not in default on any of its obligations, existing under the laws of the United States or Canada, or of a state of the United States or province of Canada, if all of the prior obligations and prior preferred stocks, if any, of the institution at the date of acquisition of the investment by the insurer are eligible as investments under this chapter and if the net earnings of the institution available for its fixed charges during each of the last two fiscal years immediately preceding the date of acquisition of the investment by the insurer have been, and during each of the last five fiscal years immediately preceding the date of acquisition of the investment by the insurer have averaged, not less than one and one-half times the sum of its average annual fixed charges, if any, its average annual maximum contingent interest, if any, and its average annual preferred dividend requirements whether the dividends are cumulative or noncumulative and whether paid or not.
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