(1) A depository institution authorized to do business in this state under this title may directly, or indirectly through a subsidiary or affiliate, engage in the following insurance activities:
(a) engage in the insurance business as defined under Section 31A-1-301 except as may be limited by federal law;
(b) act as an insurance producer or consultant as defined under Section 31A-1-301; or
(c) engage in insurance adjusting as defined in Section 31A-26-102.
(2) A depository institution, subsidiary, or affiliate, that engages in insurance activities authorized under Subsection (1) shall be subject to Title 31A, Insurance Code.