Introduced Version




Citations Affected: IC 5-13-9-2.7.

Synopsis: Investment of public funds. Provides that public deposits may be invested in a fixed annuity contract offered by an insurance company with a high credit rating. Specifies the minimum terms for the annuity contract.

Effective: July 1, 2013.


    January 8, 2013, read first time and referred to Committee on Ways and Means.


First Regular Session 118th General Assembly (2013)

PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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    A BILL FOR AN ACT to amend the Indiana Code concerning state and local administration.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 5-13-9-2.7; (13)IN1089.1.1. -->     SECTION 1. IC 5-13-9-2.7 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2013]: Sec. 2.7. (a) Each officer designated in section 1 of this chapter, and the treasurer of state, may invest or reinvest any funds that are held by the officer and available for investment in fixed annuity contracts.
    (b) For a fixed annuity contract to be eligible as an investment under this section, the fixed annuity contract must:
        (1) have a fixed rate of return;
        (2) be entered into for a term certain of not greater than five (5) years from the initial date of purchase; and
        (3) be entered into with an insurance company that:
            (A) is authorized by the department of insurance to do business in Indiana;
            (B) has a credit rating by at least two (2) nationally recognized rating agencies that rate the creditworthiness of insurance companies; and
            (C) on the date of the investment, have credit ratings by the agencies referred to in clause (B) that are in one (1) of the highest three (3) credit rating categories for insurance companies.