(b) No alien insurer shall be authorized to do business in this state unless its general state deposits and its trusteed assets comply with the requirements and limitations of this chapter applicable to like foreign insurers hereafter licensed to do the same kind or kinds of insurance business, except that foreign investments shall be allowed to the following extent only:

1. (1) Obligations issued or guaranteed by the government of the country in which the alien insurer was organized or by any province or other major political subdivision thereof and not in default as to principal or interest, may be recognized as reserve investments under section one thousand four hundred four of this article (in the case of insurers making investments under section one thousand four hundred four of this article) or as investments under section one thousand four hundred five (in the case of insurers making investments under section one thousand four hundred five of this article) in an amount not exceeding the statutory deposit required by the provisions of section one thousand three hundred twenty of this chapter.
2. (2) Except as provided in paragraph one hereof, for an alien non-life insurer foreign investments that qualify as a reserve investment pursuant to the provisions of paragraph six of subsection (a) of section one thousand four hundred four of this article may be included in such alien insurer's trusteed assets in an aggregate amount not exceeding ten percent of the admitted assets of such insurer's United States branch as shown by its last statement on file with the superintendent, or, for an alien life insurer, foreign investments that qualify pursuant to the provisions of paragraph seven of subsection (a) of section one thousand four hundred five of this article may be included in such alien insurer's trusteed assets in an aggregate amount not exceeding the applicable quantitative limitations, as set forth in such paragraph seven.