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Limitation on the issuance of surplus notes by mutual life insurer?

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  • Limitation on the issuance of surplus notes by mutual life insurer?

    I'm a bit stumped, is there a specific limitation on the amount of money a mutual life insurance company can have in surplus notes? Also is there a limitation on the number of surplus notes issued by a life insurance company?

    If a company were to have surplus notes that EXCEEDED the upper limit, can the company still keep those surplus notes?

    I've dredged through the statutes, regulations, and ratings agencies, and still cannot find a clear answer.

    Thanks you for any help!
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