SECTION 38-21-20. Authority of insurers to organize or acquire subsidiaries.

A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries engaged in the following kinds of business: (1) Any kind of insurance business authorized by the jurisdiction in which it is incorporated; (2) Acting as an insurance broker or as an insurance agent for its parent or for any of its parent's insurer subsidiaries; (3) Investing, reinvesting, or trading in securities for its own account, that of its parent, any subsidiary of its parent, or any affiliate or subsidiary; (4) Management of an investment company subject to or registered pursuant to the Investment Company Act of 1940, as amended, including related sales and services; (5) Acting as a broker-dealer subject to or registered pursuant to the Securities Exchange Act of 1934, as amended; (6) Rendering investment advice to governments, government agencies, corporations, or other organizations or groups; (7) Rendering other services related to the operations of an insurance business, including, but not limited to, actuarial, loss prevention, safety engineering, data processing, accounting, claims, appraisal, and collection services; (8) Ownership and management of assets which the parent corporation could itself own or manage; (9) Acting as administrative agent for a governmental instrumentality which is performing an insurance function; (10) Financing of insurance premiums, agents, and other forms of consumer financing; (11) Any other business activity determined by the director or his designee to be reasonably ancillary to an insurance business; or (12) Owning a corporation or corporations engaged or organized to engage exclusively in one or more of the businesses specified in this section.