The purpose of this part is to authorize insurance companies to utilize modern systems for holding and transferring securities without physical delivery of securities certificates, subject to rules and regulations promulgated by the commissioner pursuant to this part.
As used in this part: “Clearing corporation” means: A corporation as defined in § 8-102(a) of the Uniform Commercial Code, codified in § 47-8-102(a), as adopted by the National Conference of Commissioners on Uniform State Laws and the American Law Institute, as amended from time to time; and “Treasury/reserve automated debt entry securities system” and […]
A domestic insurance company may deposit, or arrange for the deposit of, securities held in or purchased for its general account and its separate accounts in a clearing corporation. When securities are deposited with a clearing corporation: Certificates representing securities of the same class of the same issuer may be merged and held in bulk […]
Securities qualified for deposit under § 56-2-104 may be deposited with a clearing corporation. Securities deposited with a clearing corporation and used to meet the deposit requirements set forth in § 56-2-104 shall be under the control of the commissioner and shall not be withdrawn by the insurance company without the approval of the commissioner. […]
Securities eligible for deposit under the insurance laws of this state relating to deposit of securities by an insurance company as a condition of commencing or continuing to do any insurance business in this state may be deposited with a clearing corporation. Securities deposited with a clearing corporation and used to meet the deposit requirements […]
