Section 620.23 - Limitations generally applicable(1) CLASS LIMITATIONS. For the purposes of s. 620.21 , the following limitations on classes of investments apply: (a) Investments authorized by s. 620.22(1) which are not amortizable under applicable valuation rules, 5 percent of assets;(b) Investments authorized by s. 620.22(4) , 20 percent of assets in the case of nonassessable insurers, and 50 percent of the earned premium and assessments for the preceding calendar year in the case of assessable insurers;(c) Investments authorized by s. 620.22(5) , 20 percent of assets in the case of life insurers, and 10 percent of assets in the case of nonlife insurers; and(d) Investments by life insurers in common stock and in shares of mutual funds, 20 percent of assets.(2) INDIVIDUAL LIMITATIONS. For the purposes of s. 620.21 , the following limits on investments apply:(a)Common stock. Common stock of a single corporation and its affiliates, other than subsidiaries of the types authorized under s. 611.26(1) to (3) or mutual funds, 3 percent of assets;(b)Total investments. All securities of a single issuer and its affiliates, other than the government of the United States and subsidiaries of the types authorized under s. 611.26(1) to (3) , 10 percent of assets.(3) INVESTMENT SUBSIDIARIES. For the purpose of determining compliance with the limitations of this chapter, the assets of subsidiaries under s. 611.26(2) shall be deemed to be owned directly by the insurer and any other investors in proportion to the market value, or if there is no market, the reasonable value, of their interest in the subsidiaries.(4) EFFECT OF QUANTITY LIMITATIONS. To the extent that investments exceed the limitations specified in subs. (1) and (2), the excess may be assigned to the investment class authorized in s. 620.22(9) , until that limit is exhausted. (5) SPECIAL RULE FOR MUTUAL FUNDS AND OTHER INVESTMENT COMPANIES. If the commissioner considers it desirable in order to get a proper evaluation of the investment portfolio of an insurer, the commissioner may require that investments in mutual funds or other investment companies be treated for purposes of this chapter as if the investor owned directly its proportional share of the assets owned by the mutual fund or investment company.1971 c. 260; 1979 c. 102 s. 236 (6); 1979 c. 110 s. 60 (11); 1979 c. 279 s. 9; 1981 c. 307.