(A) Any securities described in section 77r-1 of the "Secondary Mortgage Market Enhancement Act of 1984," 98 Stat. 1689, 15 U.S.C.A. 77r-1, shall be subject to all limitations prescribed in section 3907.14 of the Revised Code for investments not guaranteed by the full faith and credit of the United States.
(B) Notwithstanding division (A) of this section, on and after August 8, 1991, a domestic life insurance company may invest in any of the following securities, subject to any applicable limitations contained in rules adopted by the superintendent of insurance:
(1) Securities offered and sold pursuant to 15 U.S.C.A. section 77d(5);
(2) Mortgage related securities described in 15 U.S.C.A. section 78c(a)(41);
(3) Securities issued or guaranteed by the federal home loan mortgage corporation or the federal national mortgage association.