Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Section 65 of chapter 175 of the General Laws, as appearing in the 1988 Official Edition, is hereby amended by inserting after the word "Canada", in line 24, the words:- and, unless approved by the commissioner, to an aggregate amount not in excess of three percent of the assets and not in excess of fifty percent of the surplus, calculated as of the time such loan is made, of such company, make and hold loans upon real property, including leasehold estates therein, in foreign countries other than Canada,.
SECTION 2. Section 66B of said chapter 175, as so appearing, is hereby amended by inserting after the word "therein", in line 6, the words:- and, unless approved by the commissioner, to the extent the cost or value of such real property together with the estimated cost of any proposed improvements thereon does not exceed, in the aggregate, three percent of the assets or fifty percent of the surplus, calculated as of the time such purchase, lease or acquisition is made, of such company, in foreign countries.