Funds of an insurer may be invested in the following:
(1) Obligations secured by a mortgage or deed of trust payment of which is guaranteed by a policy of mortgage insurance.
(2) Obligations issued, assumed or guaranteed by the International Bank for Reconstruction and Development.
(3) Bank and bankers’ acceptances and other bills of exchange of the kind and nature made eligible by law for purchase in the open market by federal reserve banks.
(4) Deposits, certificates of deposits, accounts or savings or certificate shares or accounts of or in banks, trust companies, savings and loan associations or building and loan associations insured with the Federal Deposit Insurance Corporation or qualified to do business under the laws of this state.
(5) Obligations issued by trustees or receivers of a corporation created or existing under the laws of a sovereign which, or the assets of which, are being administered under the direction of a court having jurisdiction if the obligation is adequately secured as to principal and interest.
(6) Transportation equipment used wholly or in part within a sovereign, or adequately secured trust certificates of participation or similar obligations or contracts evidencing an interest in such transportation equipment, where the investor is entitled to receive a determined or determinable portion of rental, purchase or other obligatory payments for use or purchase of the equipment.
(7) Purchase contracts or lease-purchase agreements executed under the Federal Public Buildings Purchase Contract Act of 1954, or the Post Office Department Property Act of 1954.
(8) Stock of the Federal Home Loan Bank to the extent of the minimum required by the Federal Home Loan Bank Act. An insurer acquiring such stock may exercise all rights and powers given to members under such Act, including but not by way of limitation the right to obtain advances or borrow money from such bank and to pledge collateral as security therefor.
(9) Obligations issued, assumed or guaranteed by the Inter-American Development Bank.
(10) Obligations issued, assumed or guaranteed by the Asian Development Bank.
(11) Obligations issued, assumed or guaranteed by the African Development Bank. [Formerly 738.295; 1969 c.336 §9; 1969 c.692 §8; 1973 c.514 §1; 1985 c.456 §2; 1993 c.447 §114; 2007 c.426 §6]
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