An insurer shall not invest in:

(1) Issued shares of its own capital stock except with the written permission of the director. Such permission may be granted if the purpose of the acquisition is:

(a) In connection with the lawful plan for mutualization of the insurer;

(b) In furtherance of a retirement, pension, or incentive program for officers or employees of the insurer which has been approved by the shareholders; or

(c) Shown to be for the benefit of all shareholders.

Any share acquired pursuant to this subdivision shall not be considered an admitted asset; and

(2) Any investment which is found by the director to be designed to evade any provision of the Insurers Investment Act.