376.294. Prohibited acts.
Prohibited acts.
376.294. 1. An insurer shall not directly or indirectly:
(1) Invest in an obligation or security or make a guarantee for thebenefit of or in favor of an officer or director of the insurer except asprovided in section 376.295;
(2) Invest in an obligation or security, make a guarantee for thebenefit of or in favor of, or make other investments in a business entityof which ten percent or more of the voting securities or equity interestsare owned directly or indirectly by or for the benefit of one or moreofficers or directors in the insurer except under a transaction enteredinto in compliance with section 382.195, RSMo, or provided in section376.295;
(3) Engage on its own behalf or through one or more affiliates in atransaction or series of transactions designed to evade the prohibitions ofsection 375.345, RSMo, and sections 376.291 to 376.307, or section 376.311;
(4) Invest in a partnership as a general partner, except that aninsurer may make an investment as a general partner:
(a) If all other partners in the partnership are subsidiaries of theinsurer or other insurance company affiliates of the insurer;
(b) For the purpose of:
a. Meeting cash calls committed to prior to August 28, 2007;
b. Completing those specific projects or activities of thepartnership in which the insurer was a general partner as of August 28,2007, that had been undertaken as of that date; or
c. Making capital improvements to property owned by the partnershipon August 28, 2007, if the insurer was a general partner as of that date;or
(c) In accordance with subdivision (3) of subsection 1 of section376.293; or
(5) Invest or lend its funds upon the security of shares of its ownstock, except as authorized by other provisions of this chapter. However,no such shares shall be admitted assets of the insurer.
2. Subdivision (4) of subsection 1 of this section shall not prohibita subsidiary or other affiliate of the insurer from becoming a generalpartner.
(L. 2007 S.B. 66)