An insurer may invest the insurer’s funds in excess of minimum capital and surplus in shares of a mutual fund engaged in business under the Investment Company Act of 1940 (15 U.S.C. § 80a-1 et seq.), as amended, if:
(1) the mutual fund is solvent and has at least $1 million of net assets as of the date of the mutual fund’s latest annual or more recent certified audited financial statement; and
(2) the amount of the insurer’s investment in a single mutual fund does not exceed 15 percent of the insurer’s capital and surplus.