An insurer's investments shall be held in its own name or the name of its nominee, except that:
(1) Investments may be held in the name of a clearing corporation, a custodian bank, or the nominee of either on the following conditions: (a) The clearing corporation, custodian bank, or nominee shall be legally authorized to hold the particular investment for the account of others; (b) If the investment is evidenced by a certificate and held in the name of a custodian bank or the nominee of a custodian bank, a written agreement shall provide that certificates so deposited shall at all times be kept separate and apart from other deposits with the depository so that at all times they may be identified as belonging solely to the insurer making the deposit; and (c) If a clearing corporation is to act as depository, the investment may be merged or held in bulk in the name of a clearing corporation or the nominee of the clearing corporation with other investments deposited with the clearing corporation by any other person if a written agreement provides that adequate evidence of the deposit is to be obtained and retained by the insurer or a custodian bank; and
(2) An insurer may participate through a member bank in the Federal Reserve book-entry system. The records of the member bank shall at all times show that the investments are held for the insurer or for specific accounts of the insurer.