Maryland Insurance Section 5-506
§ 5-506.
  (a)   In addition to investments otherwise excluded under this article, a life insurer may not directly or indirectly invest in or lend its funds on the security of:
    (1)   an investment or security that the Commissioner finds is designed to evade a prohibition of this article; or
    (2)   issued shares of the life insurer's capital stock, except:
      (i)   for the purpose of mutualization under Title 3, Subtitle 1 of this article; or
      (ii)   in connection with a plan approved by the Commissioner for purchase of the shares by employees or insurance producers of the life insurer.
  (b)   A life insurer may not directly or indirectly make a loan to an officer or director of the life insurer, except:
    (1)   a policy loan; or
    (2)   a bona fide mortgage loan on the principal residence of the officer or director that has been approved or ratified by the board of directors of the life insurer.