§ 28-6.1-10-11 — Investments in casualty insurance companies

(a) Notwithstanding any other provision of
this article, a savings bank may invest in a casualty insurance company
organized solely for the purpose of insuring banks, trust companies,
and bank holding companies and their officers and directors from and
against liabilities, including those covered by bankers' blanket bonds
and director and officer liability insurance and other public liability
insurance.
(b) An investment under this section must take the form of:
(1) the purchase for the savings bank's own account of shares of
stock of the casualty insurance company or shares of stock of an
association of banks organized for the purpose of funding the
casualty insurance company; or
(2) loans to such an association of banks.
(c) The total investment of a savings bank under this subsection may
not exceed five percent (5%) of the capital and surplus of the savings
bank.

Legislative History

As added by P.L.42-1993, SEC.72.