QUALITY CONSTRAINTS. The investment manager may invest in permitted investment categories subject to the following quality constraints: Investments in money market instruments (less than or equal to 1 year term) will be limited to those included on the list approved by the insurance company. This list will include money market instruments of the U.S. Treasury, agencies of the U.S. government, and as a minimum commercial paper rated A1 or higher by Moody’s and rated P1 or higher by Standard & Poor’s. Investments in bonds and preferred securities will be limited by bond rating category as follows: LIMITS AS % OF ADMITTED ASSETS Bond Rating % of Total Min./Max. A or better 50% Min. BBB 50% Max. Less than BBB 20% Max. The above limits are subject to adjustment to conform with applicable insurance regulatory requirements. Limits are determined on a cost basis and include convertible securities. Downgrades will be taken into account when making new investments but will not necessarily result in the sale of existing positions. Securities which are not rated by any public rating agency must be rated by the investment manager and included as part of the categories above for the purposes of determining overall exposure by bond rating category. Any exceptions to the above must be approved by the investment committee.
QUALITY CONSTRAINTS. The Investment Manager may invest in the permitted investment categories subject to the following quality constraints: Investments in money market instruments (less than or equal to 1 year term) will be limited to the approved list. This list will include money market instruments of the U.S. Treasury, agencies of the U.S. government, and as a minimum commercial paper rated A1 or higher by Xxxxx'x and rated P1 or higher by Standard & Poor's. Investments in bonds and preferreds will be limited to quality tier as follows: LIMITS AS A % OF THE FIXED INCOME PORTFOLIO Bond Rating % of Total Min./Max. ----------- ---------- --------- A or better 65% Min. BBB 35% Max. BB,B 10% Max. C,D 0% The above limits are subject to adjustment to conform with the regulatory requirements of Article 14 of the New York State Insurance Law. Limits are determined on a cost basis and include convertible securities. Downgrades will be taken into account when making new investments but will not necessarily result in the sale of existing positions. Securities un-rated by the public rating agencies must be rated by the Investment Manager and included as part of the categories above for the purposes of determining overall exposure by quality tier. Any exceptions to the above must be approved by the Investment Committee. PROHIBITED INVESTMENTS No loans will be made in any of the investment portfolios. No Real Estate will be purchased without Investment Committee approval. No Mortgages on real estate will be purchased without Investment Committee approval. The exceptions to this are obligations issued by an agency of the U.S. Government, or by U.S. domiciled corporations that are issued as part of a registered public offering that also meet the minimum quality tier requirements. FOREIGN INVESTMENT LIMITS Foreign Securities may be purchased in compliance with established regulatory guidelines and with the policy on foreign exchange risk outlined herein. Foreign investments must by in the same kinds of securities and investments as the Insurance Company is normally allowed.
QUALITY CONSTRAINTS. The Investment Manager may invest in the permitted investment categories subject to the following quality constraints: Investments in money market instruments (less than or equal to 1-year term) will be limited to the approved list. This list will include money market instruments of the U.S. Treasury, agencies of the U.S. government, and as a minimum commercial paper rated A1 by Mxxxx’x and rated P1 or higher by Standard & Poor’s. Investments in bonds and preferreds will be limited by quality tier as follows:
QUALITY CONSTRAINTS. The Investment Manager may invest in the permitted investment categories subject to the following quality constraints: Investments in money market instruments (less than or equal to 1 year term) will be limited to the approved list. This list will include money market instruments of the U.S. Treasury, agencies of the U.S. government, and as a minimum commercial paper rated Al or higher by Moodx'x xxx rated P1 or higher by Standard & Poor's. Investments in bonds and preferreds will be limited by quality tier as follows: LIMITS AS A % OF THE FIXED INCOME PORTFOLIO BOND RATING % OF TOTAL MIN./MAX. ----------- ---------- --------- A or better................................................. 65% Min. BBB......................................................... 35% Max. BB, B....................................................... 10% Max. C, D........................................................ 0% The above limits are subject to adjustment to conform with the regulatory requirements of Connecticut State Insurance Law. Limits are determined on a cost basis and include convertible securities. Downgrades will be taken into account when making new investments but will not necessarily result in the sale of existing positions. Securities un-rated by the public rating agencies must be rated by the Investment Manager and included as part of the categories above for the purposes of determining overall exposure by quality tier. Any exceptions to the above must be approved by the Investment Committee.
