Ala. Code § 27-41-23: Particular Investments - Certificates, Etc., Issued by Trustees or Receivers of Institutions Being Administered Under Court Direction.

An insurer may invest in certificates, notes, or other obligations issued by trustees or receivers of any institution created or existing under the laws of the United States or of any state thereof which, or the assets of which, are being administered under the direction of any court having jurisdiction if any such obligation is adequately secured as to principal and interest.