§ 23-81-134 — Registered life insurance policies and annuity contracts - Maintenance of deposit - Commissioner's duty to issue certificate

(a) (1) Each insurer that has made the deposit provided for under § 23-81-130 shall make additional deposits from time to time in amounts not less than five thousand dollars ($5,000) and of such securities as are permitted by §§ 23-63-901 - 23-63-912 to be deposited so that the value of the securities deposited when valued as provided in § 23-63-601 et seq. and §§ 23-84-101 - 23-84-111 shall always be equal to the current net value of the currently outstanding registered policies and annuity bonds and contracts issued by the insurer, less such liens as the insurer may have against it, not exceeding the net value. (2) So long as the insurer maintains its deposits at an amount equal to or in excess of the net value of its registered policies, bonds, and contracts, the Insurance Commissioner shall sign and affix his or her seal to the certificates on every policy, annuity bond, or contract presented to him or her for that purpose by the insurer as provided in § 23-81-131 . (b) The obligation to maintain and increase the deposits shall be binding likewise upon any insurer that is a successor in interest to the issuing insurer as to the registered policies, bonds, or contracts.

Legislative History

Acts 1959, No. 148, § 341; A.S.A. 1947, § 66-3332; Acts 2001, No. 1566, § 19.