Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-162 - ANNUITY CONTRACTS
Section 69O-162.011 - Investments

(1) All such common stock investments shall be in stock which is listed or admitted to trading on a securities exchange located in the United States of America, or which is publicly held and has been traded in the "over the counter market" for not less than one year preceding the date of purchase of such stock and as to which stock market quotations have been readily available for such one year period.

(2) No domestic life insurance company which issues variable annuity contracts shall invest more than five percent of all of the amounts received in connection with such contracts in the securities of any one corporation or issuer.

(3) No domestic life insurance company which issues variable annuity contracts shall as a result of investing any or all of the amounts received in connection with such contracts, beneficially own or hold, together with the investments permitted under Section 625.305(2)(a), Florida Statutes, more than fifteen percent of the outstanding securities of any one corporation or issuer. Any foreign life insurance company which issues variable annuity contracts in this state and which invests the amounts received in connection with such contracts in accordance with the laws of its state of domicile, shall be held to be in compliance with this section.

(4) No domestic life insurance company shall invest in the common stock of any corporation if such investment shall create a conflict of interest between officers and directors of the investing company and those of the corporation whose stock is purchased.