§1251. Authorized deposits of insurers The following deposits of insurers when made through the superintendent shall be accepted and held in trust, subject to the provisions of this chapter: [PL 1973, c. 585, §12 (AMD).] 1. Deposits required under this Title for authority to transact insurance in this State. [PL 1969, c. 132, […]
§1252. Purpose of deposit 1. Deposits made in this State under section 412 (deposit requirement) shall be held in trust for the respective purposes stated in that section. [PL 1969, c. 132, §1 (NEW).] 2. A deposit made in this State by a domestic insurer transacting insurance in another state, province or country, and […]
§1253. Securities eligible for deposit 1. All such deposits required under section 412 for authority to transact insurance in this State and hereafter made shall consist of securities in negotiable form of kinds eligible for investment of funds of domestic insurers under chapter 13, other than real estate mortgages, and approved by the superintendent for […]
§1254. Depositary; records 1. Deposits made in this State under this Title shall be made through the superintendent with the Treasurer of State. [PL 1973, c. 585, §12 (AMD).] 2. The Treasurer of State shall furnish the superintendent, for delivery to the depositing insurer, the Treasurer of State’s official certificate identifying the securities deposited, […]
§1255. Responsibility for safekeeping The State shall be responsible for the safekeeping of all securities and receipts delivered to the superintendent under authority of this chapter. [PL 1973, c. 585, §12 (AMD).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD).
§1256. Custodial arrangements 1. In lieu of deposit with the Treasurer of State as provided in section 1254, upon the insurer’s written request and for its greater convenience, the superintendent may in the superintendent’s discretion permit the insurer to make and maintain the deposit under custodial arrangements with the trust department of an established bank […]
§1257. Assignment, transfer of securities or assets All assets deposited by an insurer and not negotiable by delivery must be duly assigned or transferred to the superintendent and the superintendent’s successors in office. Upon release of any such security to the insurer, the superintendent shall reassign or transfer the same to the insurer. [RR […]
§1258. Appraisal The superintendent may, in the superintendent’s discretion, prior to acceptance for deposit of any particular security, or at any time thereafter while so deposited, have the same appraised or valued by competent appraisers. The reasonable cost of any such appraisal or valuation must be borne by the insurer. [RR 2021, c. 1, […]
§1259. Excess deposits 1. If securities deposited by an insurer under this chapter are subject to material fluctuations in market value, the superintendent may, in the superintendent’s discretion, require the insurer to deposit and maintain on deposit additional securities in amount reasonably necessary to assure that the deposit at all times has a market value […]
§1260. Rights of insurer during solvency So long as the insurer remains solvent and is in compliance with this Title it may: [PL 1969, c. 132, §1 (NEW).] 1. Demand, receive, sue for and recover the income from the securities deposited; [PL 1969, c. 132, §1 (NEW).] 2. Exchange and substitute for the […]
§1261. Levy upon deposit No judgment creditor or other claimant of an insurer shall have the right to levy upon any of the assets held in this State as a deposit for the protection of the insurer’s policyholders or policyholders and creditors. As to deposits made pursuant to the retaliatory provision, section 428, levy thereupon […]
§1262. Deficiency of deposit If for any reason the market value of securities of an insurer held on deposit in this State as required under this Title falls below the required amount, the insurer shall promptly deposit other or additional assets eligible for deposit sufficient to cure the deficiency. If the insurer has failed to […]
§1263. Duration and release of deposit, in general 1. Every deposit made in this State by an insurer pursuant to this Title shall be held as long as there is outstanding any liability of the insurer as to which the deposit was so required; or, if a deposit required under the retaliatory provision, section 428, […]
