Any security that:
(1)(a) Is eligible to be held in book-entry form on the books of the Federal Reserve Book-Entry System; or
(b) Is eligible for deposit in a depository trust clearing system established to hold and transfer securities by computerized book-entry systems; and which
(2)(a) Is held in the name of the Chief Financial Officer, in the name of the State Treasurer, or in the name of the State Insurance Commissioner; or
(b) Is pledged to the Chief Financial Officer, to the State Treasurer, or to the State Insurance Commissioner;under any state law for any purpose whatsoever, may be held in book-entry form on the books of the Federal Reserve Book-Entry System or on deposit in a depository trust clearing system.