§ 27-1-5 - Deposits with general treasurer to comply with laws of other states.
SECTION 27-1-5
§ 27-1-5 Deposits with general treasurerto comply with laws of other states. – In all cases in which the laws of any other state of the United States nowrequire and may subsequently require that the insurance companies incorporatedby the laws of other states shall deposit, with some officer of the state inwhich the insurance company is incorporated, stocks or other securities intrust or for the benefit of policyholders of the companies as a condition fordoing business in the other state, the general treasurer, or his or hercustodian, shall receive from any insurance company incorporated under the lawsof this state stocks or other securities, including mortgages insured anddebentures issued by the federal housing administration and obligations ofnational mortgage associations, in an amount as may be required by the laws ofthe other state or states, on deposit and in trust for the benefit of thepolicyholders of the company. In the event the security required under thissection is one which is maintained in the federal reserve book entry system orby the depository trust company book entry system or any similar entity, thenthe insurance company required to make the deposit shall designate the generaltreasurer as the pledgee of the security and provide written notification tothe general treasurer identifying the security.