The director shall promulgate rules pursuant to chapter 1-26 to set volatility standards and reporting requirements for investments under this section

An insurer's investments authorized under this section may not exceed forty percent of its admitted assets. This restriction does not apply to obligations of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and those issued, assumed, guaranteed, or insured by the United States or a government sponsored enterprise of the United States, if the instruments of the government sponsored enterprise are assumed, guaranteed, or insured by the United States or are otherwise backed or supported by the full faith and credit of the United States. Any particular investment held by an insurer on February 7, 1995, under this section, which was a legal investment at the time it was made, and which is the type of investment the insurer was legally entitled to possess under this section immediately prior to February 7, 1995, is considered an eligible investment under this section. Any additional investment pursuant to this section may not be made if the total amount invested would at any time exceed forty percent of admitted assets. Source: SL 1993, ch 364 , § 2; SL 1994, ch 384 , § 6; SL 1995, ch 285 , § 2; SL 1995, ch 286 ; SL 1996, ch 299 ; SL 1997, ch 294 , § 25.