Except as may be prescribed by the Director of the Department of Consumer and Business Services under ORS § 733.220 (3) for reserves for guaranteed benefits and funds:

(1) Amounts allocated to a separate account and accumulations thereon may be invested and reinvested without regard to the requirements and limitations prescribed by ORS § 733.510 to 733.780, except as expressly provided for separate accounts under such sections; and

(2) The investments in separate accounts shall not be considered in applying the investment limitations applicable to the general investments of the insurer. [1973 c.435 § 9]