Except as may be provided with respect to reserves for guaranteed benefits and funds referred to in § 58-28-14, amounts allocated to any separate account and accumulations thereon may be invested and reinvested:

(1) In any class of investments which are authorized by chapter 58-27, except as provided in § 58-27-51 or 58-27-51.1, and except that limitations on the amount of assets which may be invested in the various classes of investments imposed in chapter 58-27 does not apply;

(2) In shares registered on a national securities exchange, although the same do not meet the dividend paying requirements of § 58-27-23;

(3) In the securities of an open–end investment company or companies registered under the Investment Company Act of 1940.

The investments in such separate account or accounts may not be taken into account in applying the investment limitations otherwise applicable to the investments of the insurer.

Source: SL 1966, ch 111, ch 6, § 36 (4); § 36 (2) as amended by SL 1967, ch 131; SDCL, § 58-28-2; SL 1969, ch 132; SL 1971, ch 266, § 1 (2); SL 1997, ch 294, § 34.