No insurer may insure any property not owned by a member or by his spouse except for the following:

1. (1) Property described in subdivision 58-35-29(3); and
2. (2) Personal property in the care, custody, and control of a member or his spouse.

Source: SL 1966, ch 111 , ch 17, § 3 (2); SL 1992, ch 356 .