Limits on equity securities in an insurer's investment portfolio

[merkhet]

This is a bit of an obscure question, but I was reading one of the Berkshire shareholder letters, and I came across a sentence from Buffett indicating that he had 80% of the company's insurance investments in equity securities.

 

Are there specific limits now to how much of an insurance company's investment portfolio can be dedicated to non-fixed-income securities?

[beerbaron]

Yes there is, every state has their own regulations depending on the types of insurance, risks involved, etc...

 

BeerBaron

[merkhet]

Are these relatively new or did Berkshire obtain some type of a waiver?

 

And is there a good primer/guide on these regulations? Or should I be going state to state to find them?

 

Thanks!