Section 610.23. Power to hold property in other than own name.

  An insurer shall hold all investments and deposits of its funds in its own name except that:

(1)   Custodial or trust arrangements. Securities kept under a custodial agreement or trust arrangement with a bank or banking and trust company may be issued in the name of a nominee of the bank or banking and trust company; and

(2)   Bearer securities. Any insurer may acquire and hold securities in bearer form.

1975 c. 373 . Legislative Council Note, 1975: This section continues s. 201.24 (4), made applicable to all insurers. The power certainly exists under ss. 180.04 (17) and 181.04 (16) as incorporated in ss. 611.07 (1), 612.03 and 614.07 (1), but this section places it beyond doubt for all insurers and permits the repeal of s. 201.24 (4). [Bill 643-S]