The model investment law under preparation by the National Association of Insurance Commissioners is not expected to restrict insurers' holdings of mortgage-backed derivatives, according to Arthur Fliegelman, vice president of bond portfolio research for Salomon Bros. and a member of the industry advisory group on the model law.

Fliegelman, who attended the recent Atlanta meeting of the NAIC, said the commissioners still have many disagreements about other derivatives, especially interest rate swaps, caps and options.

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