Section 58-5-61 - Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor

58-5-61. Pecuniary interest of officer, director, committee member, or employee of domestic insurer in transactions with insurer prohibited--Misdemeanor.Any officer or director, or any member of any committee or an employee of a domestic insurer who is charged with the duty of investing or handling the insurer's funds:(1)Shall not deposit or invest such funds except in the insurer's corporate name;(2)Shall not borrow the funds of such insurer;(3)Shall not be pecuniarily interested in any loan, pledge of deposit, security, investments, sale, purchase, exchange, reinsurance, or other similar transaction or property of such insurer except as a stockholder or member;(4)Shall not take or receive to his own use any fee, brokerage, commission, gift, or other consideration for or on account of any such transaction made by or on behalf of such insurer.Violation of this section is a Class 2 misdemeanor. Source: SL 1966, ch 111, ch 16, §22 (1); SL 1978, ch 359, §2.