(1) After satisfying the requirements of this part, any funds of an insurer in excess of its reserves and policyholders’ surplus required to be maintained may be invested:

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   (a) Without limitation in any investments otherwise authorized by this part; or

   (b) In such other investments not specifically authorized by this part as long as such investments do not exceed the lesser of 5 percent of the insurer’s total admitted assets or 25 percent of the amount by which the insurer’s policyholders’ surplus exceeds the minimum required to be maintained.

The limitations in paragraph (b) may be exceeded if consented to in writing by the office.

   (2) In no case shall the investments authorized under this section being held by an insurer be greater than the amount by which the insurer’s policyholders’ surplus exceeds the minimum required to be maintained.

   (3) Notwithstanding the provisions of this section, an insurer may not invest in investments prohibited by this code.

s. 156, ch. 59-205; ss. 13, 35, ch. 69-106; s. 3, ch. 76