PARRIS N. GLENDENING, Governor                                   Ch. 36

(V) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION,
OBLIGATIONS OF THE AFRICAN DEVELOPMENT BANK, ASIAN DEVELOPMENT BANK,
INTER-AMERICAN DEVELOPMENT BANK, INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT, OR INTERNATIONAL FINANCE
CORPORATION.

(2) A LIFE INSURER MAY NOT INVEST MORE THAN 5% OF ITS TOTAL
ADMITTED ASSETS IN OBLIGATIONS OF THE AFRICAN DEVELOPMENT BANK, ASIAN
DEVELOPMENT BANK, INTER-AMERICAN DEVELOPMENT BANK, INTERNATIONAL
BANK FOR RECONSTRUCTION AND DEVELOPMENT, OR INTERNATIONAL FINANCE
CORPORATION.

(E)     EQUIPMENT TRUST OBLIGATIONS.

THE RESERVE INVESTMENTS OF A LIFE INSURER MAY INCLUDE EQUIPMENT
TRUST OBLIGATIONS OR CERTIFICATES OR OTHER SECURED INSTRUMENTS THAT
EVIDENCE:

(1)      AN INTEREST IN TRANSPORTATION OR OTHER EQUIPMENT
LOCATED WHOLLY OR PARTLY WITHIN THE UNITED STATES OR CANADA; AND

(2)      A RIGHT TO RECEIVE DETERMINED PARTS OF RENTAL, PURCHASES,
OR OTHER FIXED OBLIGATORY PAYMENTS RECEIVED FOR THE USE OR PURCHASE
OF THE TRANSPORTATION OR OTHER EQUIPMENT.

(F)      DIVIDEND-PAYING CORPORATE STOCKS.

(1)      SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, THE RESERVE
INVESTMENTS OF A LIFE INSURER MAY INCLUDE DIVIDEND-PAYING STOCK OF A
CORPORATION CREATED OR EXISTING UNDER THE LAWS OF THE UNITED STATES,
CANADA, A STATE, OR A PROVINCE OF CANADA.

(2)      TO THE EXTENT NECESSARY TO SATISFY THE RESERVE
REQUIREMENTS OF THIS SUBTITLE, A LIFE INSURER MAY NOT HAVE MORE THAN:

(I)       10% OF ITS TOTAL ADMITTED ASSETS IN PREFERRED STOCK;

(II)     10% OF ITS TOTAL ADMITTED ASSETS IN COMMON STOCK; OR

(III)    5% OF ITS TOTAL ADMITTED ASSETS IN THE STOCK OF ANY
ONE CORPORATION.

(G)     FIRST MORTGAGE LOANS OR DEEDS OF TRUST.

(1) THE RESERVE INVESTMENTS OF A LIFE INSURER MAY INCLUDE
LOANS SECURED BY FIRST MORTGAGES, OR DEEDS OF TRUST, ON UNENCUMBERED
FEE-SIMPLE OR IMPROVED LEASEHOLD REAL ESTATE IN A STATE OR A PROVINCE
OF CANADA IN AN AMOUNT NOT EXCEEDING 85% OF THE FAIR MARKET VALUE OF
THE REAL ESTATE.

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