A. An insurer may invest in preferred or guaranteed stocks or shares of any solvent institution existing under the laws of the United States or Canada, or any state or province thereof.

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B. No insurer shall invest in any such preferred or guaranteed stock in an amount in excess of ten percent of any issue and related issues thereof, subject to Paragraph A of Section 138 [59A-9-5 N.M. Stat. Ann.] (diversification) of this article, and subject to the limit of the insurer’s investments in preferred, guaranteed and common stocks as stated in Subsection B of Section 143 [59A-9-10 N.M. Stat. Ann.] (common stocks) of this article.