(1) The insurer may invest and have invested such funds as it may have on hand pursuant to this chapter but not necessary to expend for current expenses and losses, in investments as authorized by the following sections of the Idaho Code only:
(a)  Section 41-707 (public obligations);
(b)  Section 41-708 (obligations, stock of certain federal agencies);
(c)  Section 41-709 (irrigation district bonds);
(d)  Section 41-716 (investment trust securities);
(e)  Section 41-720 (savings and share accounts);
(f)  Sections 41-721 through 41-725 (mortgage loans), as to mortgage loans on Grange halls only; and
(g)  Section 41-3115 (site for head office).
(2)  The following sections of the Idaho Code shall to the extent applicable, also apply with respect to such an insurer:
(a)  Section 41-702 (eligible investments);
(b)  Section 41-703 (general qualifications);
(c)  Section 41-704 (authorization of investments);
(d)  Section 41-705 (record of investments);
(e)  Section 41-706(1) (diversification of investments in securities, etc. of any one person);
(f)  Section 41-730 (disposal of ineligible property and securities); and
(g)  Section 41-731 (prohibited investments and investment underwriting).