(a) Insurers duly organized under the laws of any State, eligible for membership, may become a member of a Federal Home Loan Bank and upon becoming a member, may:(1) purchase stock in; obtain advances from; sell loans to; pledge collateral to; and perform such acts which are necessary and required to make available to it all the advantages and privileges offered by such Federal Home Loan Bank to the extent provided by and in accordance with the Federal Home Loan Bank Act; and(2) invest in the debt obligations of the Federal Home Loan Banks or of the Federal Home Loan Bank of New York or its legal successor.
(1) purchase stock in; obtain advances from; sell loans to; pledge collateral to; and perform such acts which are necessary and required to make available to it all the advantages and privileges offered by such Federal Home Loan Bank to the extent provided by and in accordance with the Federal Home Loan Bank Act; and
(2) invest in the debt obligations of the Federal Home Loan Banks or of the Federal Home Loan Bank of New York or its legal successor.
(b) For purposes of this section, the term “State,” in addition to the States of the United States, includes the District of Columbia, Guam, Puerto Rico, the Virgin Islands, American Samoa, and the Commonwealth of the Northern Mariana Islands.