Can a bank enter into a contract of insurance?

can someone give me legal basis under banking laws?

as an INSURED --- YES

as an INSURER --- NO


ra8719

Sec. 54. Prohibition to Act as Insurer. - A bank shall not directly engage in insurance businessas the insurer.

*Includes:

a)making or proposing to make, as insurer, any insurance contract
b)making or proposing to make, as surety, any contract of suretyship as a vocation andnot as merely incidental to any other legitimate business or activity of the surety
c)doing any kind of business, including a reinsurance business, specifically recognizedas constituting the doing of an insurance business within the meaning of the Insurance Code
d)doing or proposing to do any business in substance equivalent to any of the foregoingin a manner designed to evade the provisions of the Insurance Code