§431:6-303  Preferred or guaranteed stocksor shares.  An insurer may invest any of its funds, in an aggregate amountnot exceeding fifteen per cent of its assets, in preferred or guaranteed stocksor shares, other than common stocks, of solvent institutions existing under thelaws of the United States or of any state, district, or territory thereof, ifall of the prior obligations and prior preferred stocks, if any, of theinstitution at the date of acquisition by the insurer are:

(1)  Eligible as investments under this article; and

(2)  Filed with the SVO or are considered "filingexempt" by the Purposes and Procedures Manual of the SVO, or its successorpublication. [L 1987, c 347, pt of §2; am L 2008, c 142, §6]