(a) Notwithstanding Sections 424.051, 424.056-424.071, and 424.074, the commissioner may waive a quantitative limitation on any investment authorized by those laws if:
(1) the insurer seeks the waiver before making the investment;
(2) a hearing is held to determine whether the waiver should be granted;
(3) the applicant seeking the waiver establishes that unreasonable or unnecessary loss or harm will result to the insurer if the commissioner denies the waiver;
(4) the excess investment will not have a material adverse effect on the insurer; and
(5) the size of the investment is reasonable in relation to the insurer’s assets, capital, surplus, and liabilities.
(b) The commissioner’s waiver must be in writing and may treat the resulting excess investment as a nonadmitted asset.