An insurer shall not invest in: (1) Issued shares of its own capital stock except with the written permission of the director. Such permission may be granted if the purpose of the acquisition is: (a) In connection with the lawful plan for mutualization of the insurer; (b) In furtherance of a retirement, pension, or incentive program for officers or employees of the insurer which has been approved by the shareholders; or (c) Shown to be for the benefit of all shareholders. Any share acquired pursuant to this subdivision shall not be considered an admitted asset; and (2) Any investment which is found by the director to be designed to evade any provision of the Insurers Investment Act.
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