(a) The exemption provided by § 4005.001 applies to the sale of a security made by or on behalf of an insurance company that:
(1) is subject to the supervision or control of the Texas Department of Insurance; and
(2) owns the security as a legal and bona fide investment.
(b) A sale or offer for sale under Subsection (a) is not exempt from this title if the sale or offer is made or intended to be made directly or indirectly for the benefit of another company.