58-27-89. Definition of terms. Terms used in §§ 58-27-89 to 58-27-102, inclusive, mean:
(1) "Admitted assets," assets as shown by the insurer's annual statement as of the December thirty-first next preceding date of acquisition of the investment by the insurer, or as shown by a current financial statement filed with the director, computed in the same manner as admitted assets in chapter 58-26, and for purposes of computing any limitation based upon admitted assets, the insurer shall deduct from the amount of its admitted assets the amounts specified in subdivisions (1) to (3) of § 58-27-6;
(2) "Aggregate amount of medium to lower quality obligations," the aggregate statutory statement value thereof;
(3) "Lower grade obligations," obligations and preferred shares which are rated four, five, or six by the Securities Valuation Office of the National Associations of Insurance Commissioners;
(4) "Medium grade obligations," obligations and preferred shares which are rated three by the Securities Valuation Office of the National Association of Insurance Commissioners.Source: SL 1992, ch 350, § 1; SL 1994, ch 384, § 3; SL 1997, ch 294, § 23.
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