The wire is supposed to be in a brass conduit, but the logical reason not to do it is what would happen if the gas and electric wires were to be damaged at the same time. A utility contractor in Chicago’s suburbs did it several years ago with spectacular results.
Since that is what the inspectors require here and almost every home has a swimming pool, it just seems logical that it must have some validity. Four states, huh, it looks like you couldn’t make a go of it in three so far. Which will be the fifth one. I hope you are going to stay in the northeast.