Except for investments under IC 27-13-4-1 (a)(1), the funds of a health maintenance organization or limited service health maintenance organization may be invested only as follows:

1. (1) The funds of a health maintenance organization or limited service health maintenance organization that is domiciled in Indiana may be invested only in the types of securities and other investments in which investment is authorized under IC 27-1-13-3 .

2. (2) The funds of a foreign corporation (as defined in IC 27-1-2-3 ) that obtains a certificate of authority to operate a health maintenance organization under IC 27-13-2-3 or a limited service health maintenance organization under IC 27-13-34-9 may be invested only in the types of securities and other investments in which investment is authorized:

   1. (A) under the law of the state in which the foreign corporation is domiciled, if that law is acceptable to the commissioner; or
   2. (B) under IC 27-1-13-3 , if the law of the state in which the foreign corporation is domiciled is silent or if the law of that state is not acceptable to the commissioner.

As added by P.L.26-1994, SEC.25.