1. (a) commercial paper payable in dollars in the United States provided such paper is accorded the highest rating of a rating service designated by the superintendent pursuant to section 61.1 of this Title. In the event that an issue of commercial paper is rated by more than one designated rating service, it must have the highest rating of each;
2. (b) negotiable certificates of deposit that are payable in the United States and issued by an unaffiliated domestic banking institution or a domestic office of an unaffiliated foreign banking corporation;
3. (c) banker's acceptances that are payable in the United States and issued by an unaffiliated domestic banking institution or a domestic office of an unaffiliated foreign banking corporation; and

4. (d) such other assets as approved by the superintendent upon written application. In determining whether to approve such other assets, the superintendent shall ascertain the following as applicable:

   1. (1) if securities, whether the securities have an independently verifiable market value of at least 110 percent of the required amount of the deposit and are traded on a recognized exchange;

   2. (2) if bonds, whether the bonds have an investment grade rating from either Moody's Investors Services, Inc., Standard & Poor's Corporation or Fitch Investors' Service, Inc.

      If the superintendent determines than an asset which otherwise qualifies under subdivisions (a) through (c) of this section shall be valued for purposes of this Part at less than the amount otherwise required by this Part, the superintendent shall so notify the licensee which shall thereafter value such asset for purposes of this Part as directed by the superintendent.

In addition to the assets described in sections 591(4) and 591-a(3) of the Banking Law, the following assets are eligible for deposit for purposes of section 410.10 of this Part: