33-2-502. Assets expressly not allowed. In addition to assets impliedly excluded by the provisions of 33-2-501, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer:
     (1) goodwill, trade names, and other like intangible assets;
     (2) advances to officers (other than policy loans), whether secured or not, and advances to employees, insurance producers, and other persons on personal security only;
     (3) stock of such insurer, owned by it, or any equity therein or loans secured thereby or any proportionate interest in such stock acquired or held through the ownership by such insurer of an interest in another firm, corporation, or business unit;
     (4) furniture, fixtures (other than electronic data processing machines authorized under 33-2-501(11)), furnishings, safes, vehicles, libraries, stationery, literature, and supplies, except:
     (a) in the case of title insurers, such materials and plants as the insurer is expressly authorized to invest in under 33-2-851; and
     (b) in the case of any insurer, such personal property as the insurer is permitted to hold pursuant to part 8 of this chapter or which is acquired through foreclosure of chattel mortgages acquired pursuant to 33-2-831 or which is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate used by it for home office, branch office, and similar purposes;
     (5) the amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value thereof as determined under this code.

     History: En. Sec. 84, Ch. 286, L. 1959; R.C.M. 1947, 40-3003; amd. Sec. 1, Ch. 713, L. 1989.