§ 26-7-103 — Eligible investments

(a) Insurers shall invest in or lend their funds on the
security of and shall hold as invested assets only eligible
investments prescribed in this chapter.
(b) Any particular investment held by an insurer on
January 1, 1968, which was a legal investment at the time it was
made, and which the insurer was legally entitled to possess
immediately prior to that date, is an eligible investment.
(c) Eligibility of an investment is determined as of the
date of its making or acquisition, except as stated in
subsection (b) of this section.
(d) Any investment limitation based upon the amount of the
insurer's assets or particular funds relates to those assets or
funds as shown by the insurer's annual statement as of December
31 immediately preceding the date of the insurer's acquisition
of the investment, or as shown by a current financial statement
resulting from merger of another insurer, bulk reinsurance or
change in capitalization.
(e) An insurer authorized to transact insurance in a
foreign jurisdiction may make investments, in aggregate amount
not exceeding its deposit and reserve obligations incurred in
that foreign jurisdiction, in securities of or in that foreign
jurisdiction possessing characteristics and of a quality similar
to like investments in the United States.