In addition to investments excluded under other provisions of this article, an insurer shall not, except with the commissioner's approval in advance, invest in or loan its funds upon the security of, or hold:
(1) Issued shares of its own capital stock, except for the purpose of mutualization in accordance with section 431:4-502.
(2) Any investment or loan ineligible under section 431:6-105.
(3) Securities issued by an insolvent corporation.
(4) Any investment or security which is found by the commissioner to be designed to evade any prohibition of this article.