Section 132H. Assets in any separate account established under section one hundred and thirty-two F or one hundred and thirty-two G shall not be deemed to be part of the reserve mentioned in section sixty-three and may be invested and reinvested, except as otherwise provided in said sections one hundred and thirty-two F and one hundred and thirty-two G, wholly or partly, in common stocks and other securities, including the shares of any investment company registered under the Federal Investment Company Act of 1940, as amended, and investments of any other kind permitted by this chapter; provided, however, that not more than ten per cent of all such separate account assets of a life company shall be invested in the capital stock, certificates of participation or shares of any one corporation, association or trust, other than one or more of such investment companies which are open-end, diversified management companies as defined in said Federal Investment Company Act of 1940, if at the time the investment is made all such separate account assets exceed one million dollars. The provisions of section sixty-six placing limitations on the percentage of its capital and surplus which shall be invested by a life company in the capital stock, certificates of participation or shares of any one corporation, association or trust shall not be applicable to investments of assets in such separate accounts, nor shall assets in such separate accounts be taken into consideration in applying such limitations to investment of assets in the life company’s general investment account. The provisions of section sixty-six placing limitations on the percentage of the capital stock, certificates of participation or shares of any one corporation, association or trust which a life company shall invest in, acquire or hold, shall not be applicable to purchases for any such separate account. Except as provided in this section, the investment limitations based on percentages of the life company’s assets or percentages of capital and surplus, other than that contained in the second sentence in the third paragraph of section sixty-four, shall not apply, either in whole or in part, to any investments of assets by a life company allocated to any separate accounts. Assets allocated by a life company to separate accounts shall be wholly disregarded and shall not be taken into consideration in applying such investment limitations to investment of assets in a life company’s general investment account.

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The commissioner may issue such rules and regulations as may be necessary to carry out the provisions of this section. The provisions of chapter thirty A shall not be applicable to such rules and regulations.