OPERATING POLICY. The objective of this Operating Policy is to identify and document investment parameters (“Managed Portfolio Parameters”) related to the Managed Portfolio (defined as certain investment accounts owned by those legal entities listed in Exhibit III to the Appendix). This Operating Policy must be approved by Pecan Re’s Investment Committee whose members are listed in Exhibit II to the Appendix (“Investment Committee”), the CFO of Pecan Re, the Senior Risk Manager or designee and the PLIC designee each named in Exhibit II to the Appendix (jointly, the “Approvers”), the Massachusetts Division of Insurance (the “Division”) and agreed to by any investment adviser registered under the Investment Advisers Act of 1940 that has been formally appointed by Pecan Re (“Investment Adviser”) from time to time. The Operating Policy and the Portfolio Guidelines (attached as the Appendix) may only be amended with the joint approval of the Approvers and agreed to by the Investment Adviser and certain amendments to the Managed Portfolio Parameters must be approved by the Division; provided that Exhibit II and Exhibit IV may be amended by the Approvers without the approval of the Division or the consent of the Investment Adviser and the constituency of the Investment Committee may be changed from time to time solely by the Board of Directors of Pecan Re. Exhibit IV may be updated at the request of the Senior Risk Manager’s approver (Exhibit II) and communicated to the Investment Advisor. The Managed Portfolio will be managed in compliance with all relevant laws and regulations including (i) limitations and regulations applied on a legal entity basis under the investment laws of each relevant state, (ii) requirements that transactions between affiliates be on terms that are fair and reasonable under the holding company acts, including Sections 23A and 23B of the Bank Holding Company Act and (iii) the requirements of M.G.L. c. 175, §20A and 211 CMR 130.07. In addition, the Managed Portfolio will be managed by the Investment Adviser according to and in compliance with this Operating Policy and the Portfolio Guidelines. Meeting minutes will be prepared by the appointed Secretary of the Investment Committee and circulated to the Approvers for approval. Any additional approved investment strategy or policy will be provided to the Investment Adviser for implementation. The Investment Adviser will also comply with tax strategies as approved and communicated by Pecan Re’s CFO.
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OPERATING POLICY. The objective of this Operating Policy is to identify and document investment parameters (“Managed Portfolio Parameters”) related to the Managed Portfolio (defined as certain investment accounts owned by those legal entities listed in Exhibit III to the Appendix). This Operating Policy must be approved by Pecan RePRC’s Investment Committee whose members are listed in Exhibit II to the Appendix (“Investment Committee”), the CFO of Pecan ReCiti Holdings Treasurer designee, the Senior Risk Manager or designee and the PLIC designee each named in Exhibit II to the Appendix (jointly, the “Approvers”), the Massachusetts Division of Insurance (the “Division”) and agreed to by any investment adviser registered under the Investment Advisers Act of 1940 that has been formally appointed by Pecan Re PRC (“Investment Adviser”) from time to time. The Operating Policy and the Portfolio Guidelines (attached as the Appendix) may only be amended with the joint approval of the Approvers and agreed to by the Investment Adviser and certain amendments to the Managed Portfolio Parameters must be approved by the Division; provided that Exhibit II and Exhibit IV may be amended by the Approvers without the approval of the Division or the consent of the Investment Adviser and the constituency of the Investment Committee may be changed from time to time solely by the Board of Directors of Pecan RePRC. Exhibit IV may be updated at the request of the Senior Risk Manager’s approver (Exhibit II) and communicated to the Investment Advisor. The Managed Portfolio will be managed in compliance with all relevant laws and regulations including (i) limitations and regulations applied on a legal entity basis under the investment laws of each relevant state, (ii) requirements that transactions between affiliates be on terms that are fair and reasonable under the holding company acts, including Sections 23A and 23B of the Bank Holding Company Act and (iii) the requirements of M.G.L. c. 175, §20A and 211 CMR 130.07. In addition, the Managed Portfolio will be managed by the Investment Adviser according to and in compliance with this Operating Policy and the Portfolio Guidelines. Meeting minutes will be prepared by the appointed Secretary of the Investment Committee and circulated to the Approvers for approval. Any additional approved investment strategy or policy will be provided to the Investment Adviser for implementation. The Investment Adviser will also comply with tax strategies as approved and communicated by Pecan RePRC’s CFO.. The following sections contain the Managed Portfolio Parameters:
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