An insurer may not, except with the consent of the director, have any combination of investments in or loans upon the security of the obligations, property, or securities of any one person, institution, corporation, or municipal corporation aggregating an amount exceeding five percent of the insurer's assets. This restriction does not apply to the following: (1) Bonds, notes, debentures, certificates, participations, or interest or other obligations issued by, or the payment of which is guaranteed or insured by, the United States Government or any agency or instrumentality or subdivision thereof; (2) Obligations of the Student Loan Marketing Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation; (3) Bonds, notes, debentures, or other obligations issued by, or the payment of which is guaranteed by, the State of South Dakota or any state as defined in subdivision 58-1-2(17); or (4) Policy loans made under § 58-27-31 or investments made pursuant to either § 58-27-25 or 58-27-26 , or both.
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