31A-4-105.5. Deposit required from foreign insurers.
- (1)
- (a) Foreign insurers operating under Chapter 14, Foreign Insurers, shall maintain a deposit in the amount of the insurer’s minimum required capital for stock insurers, or minimum required permanent surplus for mutual insurers.
- (b) The deposit shall be held for the benefit of all policyholders and may be maintained with an official of some other state designated by law to accept the deposit.
- (2) The commissioner may not issue or renew a certificate of authority to an insurer until the insurer complies with this section.
Enacted by Chapter 316, 1994 General Session