(a) An insurer may loan or invest its funds in an aggregate amount not exceeding the lesser of the following sums: 5 percent of its assets, or 50 percent of its surplus over its capital and other liabilities, or if a mutual insurer 50 percent of its surplus over minimum required surplus, in kinds of loans or investments not otherwise specifically made eligible for investment and not specifically prohibited or made ineligible by this section or other provisions of this title.
(b) No such loan or investment shall be represented by—
(1) any item described in section 502 of this title;
(2) any loan or investment of a kind specifically made eligible under any other provision of this title; or
(3) any loan, investment, or asset theretofore acquired or held by the insurer under any other category of loans or investments.
(c) No one such investment or loan shall exceed the amount specified in subsection (a) of this section or one percent of the insurer's assets, whichever is the lesser.
(d) The insurer shall keep a separate record of all investments acquired under this section.