Section 1409. Limitation of investments

(a) Except as more specifically
  provided in this chapter, no domestic insurer shall have more  than  ten
  percent  of  its  admitted assets as shown by its last statement on file
  with the superintendent invested in,  or  loaned  upon,  the  securities
  (including   for  this  purpose  certificates  of  deposit,  partnership
  interests and other equity interests) of any one institution.
    (b) The restriction of subsection (a) hereof shall not  apply  to  the
  classes  of  governmental  obligations (including obligations secured by
  mortgages upon real property guaranteed or insured  under  the  National
  Housing  Act,  12  U.S.C.  §§ 1701-1750) eligible for minimum capital or
  surplus to  policyholder  investments  pursuant  to  the  provisions  of
  section one thousand four hundred two of this article nor to investments
  in  shares  of  other  insurance companies pursuant to the provisions of
  section one thousand four hundred eight of this article.
    (c) The limitations of investments set forth in this section shall not
  apply to mortgage-related securities or securities issued or  guaranteed
  by  the  Federal  Home Loan Mortgage Corporation or the Federal National
  Mortgage Association; provided, however, that for an insurer maintaining
  an aggregate investment in excess of seventy  percent  of  its  admitted
  assets as shown by its last statement on file with the superintendent in
  such  securities,  the  balance of such investments greater than seventy
  percent thereon shall be limited by and apportioned according to a ratio
  of one to two respectively, between investment in  such  securities  and
  investment  in  government  obligations,  as  that  term  is  defined in
  paragraph one of subsection (a) of section fourteen hundred four of this
  chapter.
    (d) The superintendent shall not promulgate any rules  or  regulations
  to  limit  or  otherwise  alter  the  provisions  of  paragraph  two  of
  subsection (a) of section  fourteen  hundred  one  of  this  article  or
  subsection  (c) of this section. The superintendent shall not promulgate
  any rules or regulations that limit the  authority  of  any  insurer  to
  invest in mortgage related securities.