20-503. Assets not allowed as deductions from liabilities

In addition to assets impliedly excluded by section 20-501, the department shall not allow the following as assets in any determination of the financial condition of an insurer:

1. Advances to officers, other than policy loans, whether secured or not, and advances to employees, agents and other persons on personal security only.

2. Stock of the insurer that is owned by the insurer or any equity in the stock, any loans secured by the stock or any proportionate interest in the stock acquired or held through the insurer's ownership of an interest in another firm, corporation or business unit.

3. Furniture, fixtures, furnishings, safes, vehicles, libraries, stationery, literature and supplies, except in the case of title insurers materials and plants as the insurer is expressly authorized to invest in under chapter 6, article 9 of this title and except, in the case of any insurer, personal property as the insurer is permitted to hold pursuant to chapter 3, article 2 of this title, or that is acquired through foreclosure of chattel mortgages acquired pursuant to section 20-555, or that is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate the insurer uses for home office, branch office and similar purposes.

4. The amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value as determined under this title.