Title 18, Insurance Code

§ 1505. Record of deposits. (a) The Commissioner shall give to the depositing insurer vouchers as to all assets and securities so deposited with the Commissioner. (b) The Commissioner shall keep a record of the assets and securities comprising each deposit, showing as far as prac…

§ 1506. Assignment, transfer of securities. All securities deposited by an insurer and not negotiable by delivery shall be duly registered in the name of the Commissioner and his or her successors in office, or with power of attorney as provided in § 1504 of this title. Upon rele…

§ 1507. Appraisal. The Commissioner may, in his or her discretion, prior to acceptance for deposit of any particular asset or security, or at any time thereafter while so deposited, have the same appraised or valued by competent appraisers. The reasonable costs of any such apprai…

§ 1508. Excess deposits. (a) If assets deposited by an insurer under this chapter are subject to material fluctuations in market value, the Commissioner may, in his or her discretion, require the insurer to deposit and maintain on deposit additional assets in an amount reasonably…

§ 1509. Rights of insurer during solvency. So long as the insurer remains solvent and is in compliance with this title it may: (1) Demand, receive, sue for and recover the income from the assets deposited; (2) Exchange and substitute for the deposited assets, assets of equivalent…

§ 1510. Levy upon deposit. (a) Except as provided in subsection (b) of this section below, 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…

§ 1511. Deficiency of deposit. If for any reason the market value of assets 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 c…

§ 1512. Duration and release of deposit, in general. (a) Every deposit made in this State by an insurer pursuant to the retaliatory law, § 532 of this title, shall be held for so long as the basis of such retaliation exists. (b) When an insurer determines to discontinue business …

§ 1513. Deposit for “registered” life insurance policies and bonds. (a) Deposits made with the Commissioner in connection with “registered” policies and bonds heretofore issued in this State by a life insurer shall be held as long as the policy or contract with respect to which s…

§ 1514. Commissioner’s liability. If the Commissioner wilfully fails faithfully to require, deposit, keep, account, and receipt for, or surrender in the manner by law authorized or required any assets as provided in this title, the Commissioner shall be responsible upon his or he…