§ 3432 - Transfer of deposits
§ 3432. Transfer of deposits
If the state in which a foreign, new, surviving or accepting insurer, is incorporated or organized, shall require the maintenance with any official of such state of a deposit of the legal reserve on the policies so assumed and such foreign insurer shall maintain such deposit, then the state treasurer is authorized to deliver to the proper custodian of such funds in the state in which the said foreign insurer is incorporated or organized, such deposits as he or she may hold pertaining to the policies so assumed by the new, surviving or accepting insurer. If a surviving, new or accepting domestic insurer assumes all or a substantial number of the risks of a foreign insurer incorporated in a state which requires the maintenance with a state official of a deposit of the legal reserve on policies so assumed, then the state treasurer is hereby authorized to receive from such official such deposits as he or she may hold pertaining to the policies so assumed. The amount of deposit to be maintained from time to time for each policy on which liability is assumed shall be at least equal to the amount which would be required in the state where such deposit has theretofore been maintained. (1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 4, § 11).)