Though the insurance industry and the National Association of insurance Commissioners are far apart on many issues, the chances are good that the final version of a model investment law will contain limits on investments in mortgages mortgage-backed securities and MBS derivatives that can be perceived as reasonable by both sides and will not affect many companies.

"I expect that we will be able to cut a deal." said Suzy Marquard, vice president and investment counsel for the Prudential Insurance Co. of America. whose boss, General counsel James R. Gillen, chairs the industry advisory group on the model investment law.

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