§ 6623. Investments. (a) The funds of every co-operative
property/casualty insurance company shall be invested only as permitted
by subsection (c) of section one thousand four hundred three of this
chapter, except as otherwise provided herein.

(b) The minimum capital investments of a domestic insurer as set forth
in section one thousand four hundred two of this chapter shall be
applicable to an:

(1) Assessment corporation in an amount equal to the lesser of such
corporation's total liabilities or two hundred fifty thousand dollars.

(2) Advance premium corporation in an amount equal to the greater of
the minimum capital required by law or the minimum surplus to
policyholders required to be maintained by law for a domestic stock
property/casualty insurance company authorized to transact the same
kinds of insurance. The foregoing requirement shall be reduced by fifty
percent for a co-operative property/casualty insurance company initially
licensed to do business in this state prior to July first, nineteen
hundred eighty-two. Any advance premium corporation not meeting its
applicable minimum capital investment requirement on January first,
nineteen hundred eighty-seven shall be required to meet such requirement
before investing its funds, after such date, in any other permissible
investment.

(c) Notwithstanding the limitation of investments in certificates of
deposit set forth in subsection (a) of section one thousand four hundred
nine of this chapter, an assessment corporation may invest in
certificates of deposit of any one institution in an amount not to
exceed the amount guaranteed by the Federal Deposit Insurance
Corporation.