33-2-804. Prohibited investments and investment underwriting. (1) In addition to investments excluded pursuant to other provisions of this code, an insurer shall not invest in or lend its funds upon the security of:
     (a) issued shares of its own capital stock, except for the purpose of mutualization under 33-3-215;
     (b) except with the advance consent of the commissioner, securities issued by any corporation or enterprise the controlling interest of which is, or after such acquisition by the insurer will be, held directly or indirectly by the insurer or any combination of the insurer and the insurer's directors, officers, parent corporation, subsidiaries, or controlling stockholders. Investments in subsidiaries under 33-2-822 shall not be subject to this provision.
     (c) any note or other evidence of indebtedness of any director, officer, or controlling stockholders of the insurer, except as to policy loans authorized under 33-2-825.
     (2) No insurer shall underwrite or participate in the underwriting of an offering of securities or property by any other person.

     History: En. Sec. 130, Ch. 286, L. 1959; R.C.M. 1947, 40-3133.