(a) A service corporation shall invest and have invested its funds in the following investments only:
(1) cash on deposit or in savings accounts in banks or trust companies in this state;
(2) deposits in or shares of the savings and loan associations that are insured by an instrumentality of the United States government, and not in excess of the amount of the insurance in any one such institution;
(3) public obligations, as provided under AS 21.21;
(4) corporate obligations, as provided under AS 21.21; and
(5) real estate for use as a home office, at a cost not exceeding 10 percent of the corporation's assets at the time of investment, unless a larger amount has been approved by the director.
(b) AS 21.21 shall apply to the investments of service corporations, to the extent applicable, and for the purposes of the application a service corporation shall be considered to be an insurer.
(c) The director may adopt regulations governing the extent to which the sections referred to in (b) of this section are applicable to a service corporation.