Sec. 11. (a) Notwithstanding any other provision of this article, a savings bank may invest in a casualty insurance company organized solely for the purpose of insuring banks, trust companies, and bank holding companies and their officers and directors from and against liabilities, including those covered by bankers’ blanket bonds and director and officer liability insurance and other public liability insurance.

     (b) An investment under this section must take the form of:

(1) the purchase for the savings bank’s own account of shares of stock of the casualty insurance company or shares of stock of an association of banks organized for the purpose of funding the casualty insurance company; or

(2) loans to such an association of banks.

     (c) The total investment of a savings bank under this subsection may not exceed five percent (5%) of the capital and surplus of the savings bank.

As added by P.L.42-1993, SEC.72.