§ 10-3-211 — Deposit only admitted assets

(1) Deposits made with the
commissioner as permitted or required by law shall be only those admitted assets
of the company that are securities eligible for the purpose of a deposit, as provided
in section 10-3-235 (1) or (2). The company may deposit, withdraw, exchange, or
substitute any security at any time if the total amount of securities remaining on
deposit is no less than required by law.

(2) When a domestic insurance company reinsures all of its business in
another company, the securities deposited by the reinsured company with the
commissioner, subject to any existing liens against and restrictions upon them, may
be assigned or transferred to the reinsuring company, and the latter company shall
thereupon acquire all the rights, title, and interest of the reinsured company in and
to such securities and shall be entitled to all the rights, benefits, and privileges of
the reinsured company pertaining thereto. If a domestic company, having securities
on deposit with the commissioner, reinsures all of its business, such securities may
only be withdrawn, except for the purpose of exchange or substitution, upon a
showing satisfactory to the commissioner that all debts, obligations, and liabilities
of the insurance company have been paid and discharged, or adequate provisions
for payment and discharge have been made, and upon return of the company's
certificate of authority to the commissioner.

(3) (Deleted by amendment, L. 2004, p. 1062, � 9, effective July 1, 2004.)

Legislative History

Source: L. 33: p. 611, � 1. CSA: C. 87, � 45. CRS 53: � 72-2-5. C.R.S. 1963: � 72-2-4. L. 69: p. 491, � 3. L. 2004: Entire section amended, p. 1062, � 9, effective July 1.