58-5-156. Investment of funds by qualified education loan insurer--Limitations--Permitted rating categories. Notwithstanding any other provision of Title 58 and in addition to any investment permitted pursuant to chapter 58-27, a qualified education loan insurer may invest funds in the following, and any such investment made by a qualified education loan insurer is not subject to any aggregate amount limitations or other investment limitations except as specifically provided below:

(1) A loan originated under the terms of the Higher Education Act of 1965, as amended;

(2) An education loan not originated under the Higher Education Act of 1965, as amended, the principal and interest of which may be insured or uninsured;

(3) A direct obligation of the United States of America or an obligation with respect to which the full and timely payment of principal and interest is unconditionally guaranteed by the United States of America;

(4) An interest bearing time or demand deposit, certificate of deposit, or a similar banking arrangement with any bank, trust company, national banking association, or other depository institution, provided that, at the time of deposit or purchase, if the investment is for a period exceeding one year, the depository institution shall have long-term unsecured debt rated by at least one nationally recognized statistical rating organization in a permitted rating category or, if the investment is for a period of less than one year, shall have short-term unsecured debt rated by at least one nationally recognized statistical rating organization in a permitted rating category;

(5) An obligation issued or guaranteed as to the principal and interest by any of the following:

(a) The Government National Mortgage Association;

(b) The Federal National Mortgage Association; or

(c) A Federal Farm Credit Bank, a Federal Intermediate Credit Bank, the Export-Import Bank of the United States, a Federal Land Bank, the Student Loan Marketing Association, the Federal Financing Bank, a Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, the Rural and Community Development Administration, or the Federal Farm Mortgage Acceptance Corporation, provided that any obligation described in this subdivision shall be rated by at least one nationally recognized statistical rating organization in a permitted rating category;

(6) A repurchase agreement or reverse repurchase agreement with any bank which is a member of the Federal Deposit Insurance Corporation or with any government bond dealer insured by the Securities Investor Protection Corporation, which agreement with a bank or government bond dealer is secured by any government obligation described in subdivision (3) of this section at a level sufficient to obtain a rating by at least one nationally recognized statistical rating organization in a permitted rating category, or with any broker or dealer the unsecured long-term debt of which is rated by at least one nationally recognized statistical rating organization in a permitted rating category;

(7) Any money market fund, including a qualified regulated investment company described in the Internal Revenue Service Notice 87-22, rated by at least one nationally recognized statistical rating organization in a permitted rating category;

(8) Any debt instrument, provided that the debt instrument is rated by at least one nationally recognized statistical rating organization in a permitted rating category; and

(9) Any investment agreement constituting a general obligation of an entity whose debt, unsecured securities, deposits, or claims paying ability is rated by at least one nationally recognized statistical rating organization in a permitted rating category.

For the purposes of this section, a permitted rating category is one of the four highest rating categories assigned long-term debt or an equivalent short-term category within either of which there may be subcategories or gradations indicating relative standing.