A. An insurer may invest in bonds, notes or other evidences of indebtedness that are secured by second mortgages or deeds of trust on improved real property located in the United States. An insurer shall not make or acquire either:

1. 1. A loan or investment if the total of the outstanding indebtedness of the first and second mortgages or deeds of trust exceeds eighty per cent of the value of the real property.
2. 2. A loan secured by a second lien if the borrower, without the approval of the insurer, is entitled to increase the principal amount of the indebtedness secured by the prior first mortgage except to the extent the amount of the increase is applied in reduction of the investment held by the insurer.