44-202. Insurance companies; organization; businesses authorized.

(1) Companies may be formed upon the stock or mutual plan to transact any line or lines of insurance authorized by section 44-201, upon the assessment plan to transact any line or lines of insurance specified in subdivisions (4), (5), (7), and (18) of such section, or upon the fraternal plan to transact insurance as authorized in Chapter 44, article 10. An assessment association may, in addition to any line or lines of insurance described in subdivisions (4), (5), (7), and (18) of section 44-201, be authorized to transact any line or lines of insurance which a mutual company may transact when such association has accumulated and thereafter at all times maintains the same reserves, surplus, and contingency funds required to be maintained by a mutual company organized to transact the same line or lines of insurance.

(2) A domestic company may, notwithstanding limitations otherwise applicable and if it maintains books and records which account for such business, engage directly in any of the following businesses: (a) Rendering investment advice; (b) rendering services related to the functions involved in the operation of its insurance business, including, but not limited to, actuarial, loss prevention, marketing and sales, safety engineering, data processing, accounting, claims, appraisal, and collection services; (c) acting as trustee or fiduciary in the administration of pension, profit-sharing, and other benefit plans for employees and self-employed persons and individual retirement accounts or annuities, if, in the judgment of the company, such plans constitute qualified plans under the Internal Revenue Code; (d) acting as administrative agent for a governmental instrumentality which is performing an insurance function for a health or welfare program; and (e) any other business activity reasonably complementary or supplementary to its insurance business, either to the extent necessarily or properly incidental to the insurance business which the company is authorized to do in this state or to the extent approved by the Director of Insurance and subject to any limitations he or she may prescribe for the protection of the interests of the policyholders of the company taking into account the effect of such business on the company's existing insurance business and its surplus, the proposed allocation of the estimated cost of such business, and the risks inherent in such business as well as the relative advantages to the company and its policyholders of conducting such business directly instead of through a subsidiary.

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