§ 1403. Reserve and other investments; certain requirements. (a) If\nthe requirements of section one thousand four hundred two of this\narticle are met:\n (1) any domestic life insurance company may invest its funds in, or\notherwise acquire, or loan upon, only the types of investments specified\nin section one thousand four hundred two, this section, sections one\nthousand four hundred five, one thousand four hundred six, one thousand\nfour hundred ten, four thousand two hundred forty and article seventeen\nof this chapter, subject to the limitations therein contained. The\nprovisions of section one thousand four hundred four of this article\nshall not have any application to investments of life insurance\ncompanies, except to the extent provided in paragraph four of subsection\n(b) of section one thousand four hundred two of this article;\n (2) any domestic corporation subject to article forty-three or\nsixty-four of this chapter and any domestic fraternal benefit society\nsubject to article forty-five of this chapter may invest its funds in,\nor otherwise acquire, or loan upon, only the types of investments\nspecified in section one thousand four hundred two, this section and\nsection one thousand four hundred four of this article, except as may be\nmodified by said article forty-three or sixty-four of this chapter as to\ncorporations organized thereunder or by article forty-five of this\nchapter as to societies organized thereunder. Any such corporation\nsubject to article forty-three or any such society governed by\nsubsection (a) of section forty-five hundred twenty-nine of this chapter\nmay also invest in, or otherwise acquire, subsidiaries to the extent\npermitted by subsection (b) of section one thousand seven hundred one of\nthis chapter. Any such fraternal benefit society may also make policy\nloans under section one thousand four hundred six of this article.\n (b) A domestic charitable annuity society, the investments of which\nare subject to the provisions of section eleven hundred ten of this\nchapter, may invest such of its assets (the investment of which is\ncontrolled by section eleven hundred ten) in, or otherwise acquire, or\nloan upon, only the types of securities specified in section one\nthousand four hundred two, this section and section one thousand four\nhundred four of this article. A retirement system subject to the\nprovisions of article forty-six of this chapter may invest its funds\nonly as provided in article forty-six of this chapter. In addition, a\nretirement system subject to article forty-six may acquire subsidiaries\nunder article seventeen of this chapter and may establish separate\naccounts under section four thousand two hundred forty of this chapter,\nin each case to the extent permitted by article forty-six of this\nchapter.\n (c) If the requirements of section one thousand four hundred two of\nthis article are met, any domestic insurer, other than an insurer\nsubject to subsection (a) or (b) of this section, may, except as set\nforth below, invest its funds in, or otherwise acquire, or loan upon,\nonly the types of investments specified in such section, this section\nand subsection (a) of section one thousand four hundred four of this\narticle (except paragraphs eight and ten of subsection (a) of such\nsection); provided that any such domestic insurer may also invest its\nfunds in, or otherwise acquire or loan upon investments permitted under\nsections one thousand four hundred seven (including investments of the\nclasses described in paragraphs eight and ten of subsection (a) of\nsection one thousand four hundred four), section one thousand four\nhundred eight of this article and article sixteen of this chapter, so\nlong as it maintains cash, investments required by section one thousand\nfour hundred two of this article and reserve investments under\nsubsection (a) of section one thousand four hundred four of this\narticle, free from any lien or pledge, which, when valued in acco
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