191—49.5 (511) Trading requirements. Each derivative instrument qualifying for legal reserve purposes under Iowa Code section 511.8(22) shall be:
	  1. 	 Traded on a qualified exchange;
	  2. 	 Entered into with, or guaranteed by, a business entity with an investment grade rating by the NAIC Securities and Valuation Office or by a majority of nationally recognized statistical rating organizations (NRSRO), on the NAIC/NRSRO list, that rate the business entity;
	  3. 	 Issued or written by, or entered into with, the issuer of the underlying interest on which the derivative instrument is based; or
	  4. 	 Entered into with a qualified foreign exchange.