(a) A person, including a director, officer, or member of a mutual insurance company, may loan to the company money necessary:
(1) for the company to engage in the company's business; or
(2) to enable the company to comply with a legal requirement.
(b) The mutual insurance company may repay a loan and agreed interest, at an annual rate not to exceed 20 percent, only from the surplus remaining after the company provides for the company's reserves, other liabilities, and required surplus.
(c) A loan under this section or interest on a loan is not otherwise a liability or claim against the company or any of its assets.
(d) A mutual insurance company may not pay a commission or promotion expense in connection with a loan made to the company.
(e) A mutual insurance company shall report in its annual statement the amount of each loan made to the company.