33-2-601. Authorized deposits of insurers. The following deposits of insurers when made through the commissioner must be accepted and held and are subject to the provisions of this part: (1) deposits required under this code for authority to transact insurance in this state; (2) deposits of domestic insurers when required by the laws of other states, provinces, and […]
33-2-602. Purpose of deposit. Such deposits shall be held for purposes as follows: (1) Deposits made in this state under 33-2-111 shall be held for the purpose stated in such section. (2) A deposit made in this state by a domestic insurer transacting insurance in another state, province, or country and as required by the laws of such […]
33-2-603. Securities eligible for deposit. (1) All deposits required under 33-2-111 for authority to transact insurance in this state must consist of certificates of deposit or the following securities: (a) United States or Canadian government bonds, notes, warrants, or other evidences of indebtedness that are direct obligations of the United States or of Canada or for which […]
33-2-604. Depositary or custodian. (1) Deposits made in this state under this code must be made through the office of the commissioner or under custodial arrangements as required or approved by the commissioner consistent with the purposes of the deposit. The deposit must be made with a bank or trust company located in the state of […]
33-2-605. Record of deposits — liability of commissioner and state. (1) The commissioner shall give to the depositing insurer vouchers as to all assets and securities deposited by it in this state through the commissioner as provided in this code. (2) The commissioner shall keep a record of the assets and securities comprising each deposit, showing as […]
33-2-606. Assignment or conveyance of assets or securities. All securities not negotiable by delivery and deposited under this code must be duly assigned to the commissioner. In the case of securities held under custodial arrangements outside this state pursuant to 33-2-604(2), the custodian’s receipt for the securities must be delivered, if negotiable, or assigned to the commissioner […]
33-2-607. Appraisal. The commissioner may, prior to acceptance for deposit of any particular asset or security or at any later time while deposited, have the asset or security appraised or valued by competent appraisers. The reasonable costs of any appraisal or valuation must be borne by the insurer. History: En. Sec. 139, Ch. 286, L. 1959; R.C.M. 1947, […]
33-2-608. Rights of insurer during solvency. So long as the insurer remains solvent and is in compliance with this code it may: (1) demand, receive, sue for, and recover the income from the assets or securities deposited; (2) exchange and substitute for the deposited assets or securities, or any part thereof, other eligible assets or securities of equivalent […]
33-2-609. Repealed. Sec. 24, Ch. 227, L. 2011. History: En. Sec. 141, Ch. 286, L. 1959; R.C.M. 1947, 40-3210.
33-2-610. 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 or policyholders and creditors. As to deposits pursuant to the retaliatory law, 33-2-709, levy thereupon shall […]
33-2-611. Deficiency of deposit — revocation of certificate. If for any reason the market value of assets and securities of an insurer held on deposit in this state or in another state under custodial arrangements authorized by 33-2-604(2) falls below the amount required under this code to be held, the insurer shall promptly deposit other or […]
33-2-612. Duration and release of deposit. (1) Every deposit made in this state by an insurer pursuant to this code, including assets and securities held in another state under custodial arrangements permitted by 33-2-604(2), must be held as long as there is outstanding any liability of the insurer as to which the deposit was required, or […]
