(a) This section does not apply to:
(1) policy loans made under this subtitle; or
(2) general obligations of the United States, Canada, or a state.
(b) Unless the Commissioner approves, a life insurer may not have at one time any combination of investments in or loans on the security of the obligations, property, or securities of one person in an aggregate amount exceeding 10% of the admitted assets of the life insurer.