578

In addition to investments excluded under other provisions of this title, an insurer shall not, except with the Commissioner's approval in advance, invest in or loan its funds upon the security of, or hold—\n(1) issued shares of its own capital stock, except for the purpose of mutualization in accordance with section 358 of this title;\n(2) securities issued by any corporation, except as specifically authorized by this chapter directly or by exception, if a majority of the outstanding stock of such corporation, or a majority of its stock having voting powers, is or will be after such acquisition, directly or indirectly owned by the insurer, or by any combination of the insurer and the insurer's directors, officers, parent corporation, and subsidiaries;\n(3) 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;\n(4) any investment or loan ineligible under the provisions of section 553 of this title;\n(5) securities issued by any insolvent corporation; or\n(6) any investment or security which is found by the Commissioner to be designed to

ligible under the provisions of section 553 of this title;\n(5) securities issued by any insolvent corporation; or\n(6) any investment or security which is found by the Commissioner to be designed to evade any prohibition of this title.