§ 1405. Investments of life insurers. (a) The assets of a domestic\ninsurer that is authorized to make investments under this section may be\ninvested in the following types of investments, in addition to\ninvestments otherwise authorized, subject in the case of investments\nmade under this section to the limitations set forth below and the\nprovisions of subsections (c), (d) and (e) of this section:\n (1) Governmental obligations. Obligations, not in default, issued,\nassumed, guaranteed or insured by (i) the United States of America or by\nany agency or instrumentality thereof, (ii) any state of the United\nStates of America, (iii) the District of Columbia, (iv) any territory or\npossession of the United States of America or any other governmental\nunit in the United States, or (v) any agency or instrumentality of any\ngovernmental unit referred to in items (ii), (iii) and (iv) above,\nprovided that, in the case of obligations issued, assumed, guaranteed or\ninsured by any governmental unit referred to in item (iv) above or any\nagency or instrumentality referred to in item (v) above, such\nobligations are by law (statutory or otherwise) payable, as to both\nprincipal and interest, from taxes levied or by law required to be\nlevied or from adequate special revenues pledged or otherwise\nappropriated or by law required to be provided for the purpose of such\npayment, but in no event shall obligations be eligible for investment\nunder this paragraph if payable solely out of special assessments on\nproperties benefited by local improvements.\n (2) Obligations and preferred shares of American institutions. (i)\nObligations, not in default, whether or not secured and with or without\nrecourse, issued, assumed, guaranteed, insured or accepted by American\ninstitutions (or trustees or receivers therefor) and (ii) preferred\nshares of any such institution, provided, however, that after giving\neffect to any such investment in preferred shares of any institution,\nthe aggregate amount of investments in preferred shares of such\ninstitution made under this section shall not exceed two percent of the\ninsurer's admitted assets.\n (3) Obligations secured by real property or interests therein.\nObligations, or participations therein, secured by liens on real\nproperty or interests therein located within the United States and not\neligible under paragraph one or two of this subsection, provided that no\ninsurer making investments under the authority of this section shall\ninvest in or loan upon the security of any one property, under the\nauthority of this paragraph, more than thirty thousand dollars or two\npercent of admitted assets, whichever is the greater.\n (4) Real property or interests therein. Investments in real property\nor interests therein located in the United States, held directly or\nevidenced by partnership interests, stock of corporations (including,\nwithout limitation, subsidiaries engaged or organized to engage\nexclusively in the ownership and management of real property or\ninterests therein), trust certificates or other instruments, and\nacquired (i) as an investment for the production of income or to be\nimproved or developed for such investment purpose, or (ii) for the\nconvenient accommodation of the insurer's business; provided that, after\ngiving effect to any such investment, (I) the aggregate amount of such\ninvestments made under this paragraph and then held by such insurer\nshall not exceed twenty-five percent of the insurer's admitted assets,\n(II) the aggregate amount of investments made under item (i) of this\nparagraph and then held by such insurer shall not exceed twenty percent\nof the insurer's admitted assets, and (III) investments held under item\n(i) above in each property constituting such investment (including\nimprovements thereon) shall not in the aggregate exceed two percent of\nthe insurer's admitted assets, and provided, further, that no investment\nin real property may be made under i
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