[Glenn]

Kyle,
SSAP 21R is the correct place to start but be aware of the impairment rules and non-admission rules for Collateral Loans ( see SSAP 21R paragraph 4a and 4b)
Also note see the footnote in SSAP21R which will take you to another SSAP ( i.e SSAP26R).

So based on the few facts you gave me the assets should admissible but please be aware of the impairment and nonadmission guidance cited in SSAP21R.

Also, I would advise you reviewing the tabular disclosure requirements and NAIC instructions for Note 5L - Restricted Assets - specifically Note 5L subsection l which calls for Restricted Assets pledged as collateral to FHLB
Please review Note 5L and the subcategories and instructions

Regards,
Glenn S Sackett