(a) An insurance company may invest in a money market fund as described by 17 C.F.R. § 270.2a-7 under the Investment Company Act of 1940 (15 U.S.C. § 80a-1 et seq.), that is:
(1) a government money market fund that:
(A) invests only in obligations issued, guaranteed, or insured by the United States government or collateralized repurchase agreements composed of these obligations; and
(B) qualifies for investment without a reserve under the Purposes and Procedures Manual of the securities valuation office or a successor publication; or
(2) a class one money market fund that qualifies for investment using the bond class one reserve factor described by the Purposes and Procedures Manual of the securities valuation office or a successor publication.
(b) For purposes of complying with § 425.115, a money market fund that qualifies for listing in the categories prescribed by Subsection (a) must conform to the Purposes and Procedures Manual of the securities valuation office or a successor publication.