An insurer shall not, except with the commissioner's approval in advance, invest in or loan its funds upon the security of, or hold:
(1) Issued shares of its own capital stock, except for the purpose of mutualization in accordance with RCW 48.08.080;
(2) Securities issued by any corporation if a majority of its stock having voting power is owned directly or indirectly by or for the benefit of any one or more of the insurer's officers and directors;
(3) Any investment or loan ineligible under the provisions of RCW 48.13.030;
(4) Securities issued by any insolvent corporation;
(5) Obligations contrary to the provisions of RCW 48.13.273; or
(6) Any investment or security which is found by the commissioner to be designed to evade any prohibition of this code.
[1995 c 84 § 1; 1993 c 92 § 4; 1982 c 218 § 5; 1947 c 79 § .13.27; Rem. Supp. 1947 § 45.13.27.]
Notes: Severability -- 1982 c 218: See note following RCW 48.12.020.