(A)

1. (1) Subject to the limitations of Section 38-12-220, an insurer may acquire tangible personal property or equity interests in tangible personal property, located or used wholly or in part within a domestic jurisdiction, directly or indirectly through:

   1. (a) limited partnership interests or general partnership interests not otherwise prohibited by Section 38-12-60(A)(4);
   2. (b) joint ventures;
   3. (c) stock of an investment affiliate;
   4. (d) membership interests in a limited liability company;
   5. (e) trust certificates; or
   6. (f) other similar instruments.

2. (2) Investments acquired pursuant to item (1) are eligible only if:

   1. (a) the property is subject to a lease or other agreement with a person whose rated credit instruments in the amount of the purchase price of the personal property the insurer could then acquire pursuant to Section 38-12-230; and
   2. (b) the lease or other agreement provides the insurer the right to receive rental, purchase, or other fixed payments for the use or purchase of the property, and the aggregate value of the payments, together with the estimated residual value of the property at the end of its useful life and the estimated tax benefits to the insurer resulting from ownership of the property, are adequate to return the cost of the insurer's investment in the property plus a return considered adequate by the insurer.

(C) An insurer may not acquire, directly or indirectly through an investment affiliate, an investment pursuant to this section if as a result of and after giving effect to the investment the aggregate amount of all investments then held by the insurer pursuant to this section exceeds:

1. (1) two percent of its admitted assets; or
2. (2) one-half of one percent of its admitted assets as to a single item of tangible personal property.