Prohibited interests of Commissioner, deputy or employee; penalty.
1. The Commissioner, his deputy or any examiner, assistant or employee of the Division shall not be connected with the management or be a stockholder, or be otherwise financially interested in any insurer, insurance holding company or its parent, subsidiaries or affiliates, insurance agency or broker, insurance trade association, premium finance company, adjuster or other licensee under this Code, or be pecuniarily interested in any insurance transaction except as a policyholder or claimant under a policy, except that as to matters wherein a conflict of interests does not exist on the part of any such person, the Commissioner may employ or retain from time to time insurance actuaries, examiners, accountants, attorneys or other technicians who are independently practicing their professions even though from time to time similarly employed or retained by insurers or others.
2. Subsection 1 does not prohibit:
(a) Receipt by any such person of fully vested commissions or fully vested retirement benefits to which he is entitled by reason of services performed before becoming Commissioner or before employment by the Commissioner;
(b) Investment in shares of regulated diversified investment companies; or
(c) Mortgage loans made under customary terms and in the ordinary course of business.
3. Any person knowingly violating this section is guilty of a misdemeanor.
Last modified: February 27, 2006