In addition to the authority provided under § 58-27-51, an insurer authorized to write property and casualty insurance may invest a percentage of the amount by which the insurer’s total adjusted capital equals or exceeds two hundred percent of its company action level risk–based capital in investments of any kind, in the discretion of the insurer, without regard to any condition of, restriction in, or exclusion prescribed in chapter 58-27, and regardless of whether the same or a similar type of investment has been included in, or omitted from, any such section, subject to an aggregate limitation equal to the greatest of:

(1) Fifty percent of the excess of total adjusted capital over the risk–based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred twenty five percent of its company action level risk–based capital;

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(2) Seventy-five percent of the excess of total adjusted capital over the risk–based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred fifty percent of its company action level risk–based capital; or

(3) One hundred percent of the excess of total adjusted capital over the risk–based capital threshold if the insurer has total adjusted capital that equals or exceeds two hundred seventy–five percent of its company action level risk–based capital.

For the purpose of this section, risk–based capital threshold means two hundred percent of an insurer’s company action level risk–based capital. The director shall promulgate rules pursuant to chapter 1-26 to define company action level risk–based capital and total adjusted capital.

Source: SL 1997, ch 294, § 12.