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Session Laws, 1963
Volume 671, Page 1037   View pdf image (33K)
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J. MILLARD TAWES, Governor                     1039

(2)   Exchange and substitute for the deposited cash or securities,
or any part thereof, cash or eligible securities of equivalent or greater
value; and

(3)   Inspect, at reasonable times, any such deposit.

113.    Excess Deposits.

An insurer may so deposit cash or eligible securities in an amount
exceeding its deposit required or otherwise permitted under this ar-
ticle, such excess deposit to be held for the protection of such insur-
er's policyholders and creditors. During the solvency of the insurer
any such excess deposit or part thereof may be released to the in-
surer upon its request. During the insolvency of the insurer such ex-
cess deposit shall be released only as provided in section 116 (3).

114.    Levy Upon Deposit.

No judgment creditor or other claimant of an insurer shall have
the right to levy upon any of the assets or securities held in this
State as a deposit for the protection of the insurer's policyholders and
creditors. As to deposits pursuant to the retaliatory law, section 61,
levy thereupon shall be permitted if so provided in the Commission-
er's order under which the deposit is made.

115.    Deficiency of Deposit.

If for any reason the assets or securities on deposit become ineligi-
ble for deposit or the market value of assets and securities of an in-
surer held on deposit in this State falls below the amount required
under this article to be so held, the insurer shall promptly deposit
other or additional assets or securities eligible for deposit under this
subtitle and in amount sufficient to cure such deficiency.

116.    Release of Deposits Generally.

Any deposit made in this State under this article shall be re-
leased and returned:

(1)   To the insurer upon extinguishment by authorized reinsur-
ance or otherwise of substantially all liability of the insurer for the
security of which the deposit is held;

(2)   To the insurer to the extent such deposit is in excess of the
amount required; or

(3)   Upon proper order of a court of competent jurisdiction to the
receiver, conservator, rehabilitator or liquidator of the insurer, or to
any other properly designated official or officials who succeed to the
management and control of the insurer's assets.

117.    Transfer or Release of Deposits in Merger or Consolidation.

Any insurer which has heretofore merged or consolidated or which
may hereafter do so, is authorized upon the completion of such merg-
er or consolidation and the approval of the Commissioner, to transfer
the residuary interest in the deposits of the merged or consolidated in-
surer to the consolidated or continuing insurer, or to have released
such deposit or part thereof as is no longer required of the consoli-
dated or continuing insurer under the provisions of this article. The


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Session Laws, 1963
Volume 671, Page 1037   View pdf image (33K)
 Jump to  

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