(1) An insurer authorized to transact insurance in a foreign country may invest any of its funds, in aggregate amount not exceeding its deposit and reserve obligations incurred in such country, in securities of or in such country possessing characteristics and of a quality similar to those required pursuant to this chapter for investments in the United States.

     (2) Subject to the limitations in this chapter, an insurer may invest any of its funds, in an aggregate amount not exceeding ten percent of its assets, in addition to any amount permitted pursuant to subsection (1) of this section, in obligations of foreign governments including provinces, counties, municipalities, or similar entities, and in obligations and securities of foreign corporations, which have not been in default during the five years next preceding date of acquisition, and if the foreign jurisdiction has a sovereign debt rating of SVO 1. However, an investment made in any one foreign country pursuant to this subsection shall not exceed five percent of the insurer's assets.

[2003 c 251 § 1; 1947 c 79 § .13.18; Rem. Supp. 1947 § 45.13.18.]