Section 6623. Investments

(a)   The   funds   of  every  co-operative
  property/casualty insurance company shall be invested only as  permitted
  by  subsection  (c)  of  section one thousand four hundred three of this
  chapter, except as otherwise provided herein.
    (b) The minimum capital investments of a domestic insurer as set forth
  in section one thousand four  hundred  two  of  this  chapter  shall  be
  applicable to an:
    (1)  Assessment  corporation  in an amount equal to the lesser of such
  corporation's total liabilities or two hundred fifty thousand dollars.
    (2) Advance premium corporation in an amount equal to the  greater  of
  the   minimum  capital  required  by  law  or  the  minimum  surplus  to
  policyholders required to be maintained by  law  for  a  domestic  stock
  property/casualty  insurance  company  authorized  to  transact the same
  kinds of insurance.  The foregoing requirement shall be reduced by fifty
  percent for a co-operative property/casualty insurance company initially
  licensed to do business in this state  prior  to  July  first,  nineteen
  hundred  eighty-two.  Any  advance  premium  corporation not meeting its
  applicable minimum capital  investment  requirement  on  January  first,
  nineteen hundred eighty-seven shall be required to meet such requirement
  before  investing  its  funds, after such date, in any other permissible
  investment.
    (c) Notwithstanding the limitation of investments in  certificates  of
  deposit set forth in subsection (a) of section one thousand four hundred
  nine   of   this  chapter,  an  assessment  corporation  may  invest  in
  certificates of deposit of any one  institution  in  an  amount  not  to
  exceed   the   amount   guaranteed  by  the  Federal  Deposit  Insurance
  Corporation.