Opinion No. 70-245 (1970) Ag

OFFICER OR DIRECTOR OF INSURER — LIMITATIONS A director or officer of an insurer is statutorily prohibited from participating or engaging in transactions between such insurer and others, in instances where he personally, and not on behalf of the insurer, is pecuniarily interested therein. The Attorney General has had under consideration your recent letter in which you advise as follows: "A domestic stock life insurance company made a loan to a corporation when a substantial stockholder and Chairman of the Board of Directors of the life insurance company was also a director, officer, and owner…