§ 27-7-3-8 — Additional deposit to meet requirements of another state; withdrawal

In the event any such domestic company shall
be required by the laws of any other state, country, or province, as a
requirement prior to doing such business as defined in this chapter
therein, to deposit, with the duly appointed officer of such other state,
country, or province or with the department of this state, any securities
or cash in excess of the deposit required of the company by this
chapter, such company may deposit with the department securities of
the character authorized by this chapter sufficient to meet such
requirement. The department is hereby authorized and directed to
receive such deposit and to hold it exclusively for the protection of all
policyholders of the company. Any deposit so made to meet the
requirement of any such other state, country, or province shall not be
withdrawn by the company except upon filing with the department
evidence satisfactory to it that the company has withdrawn from
business, and has no unsecured liability outstanding in any such other
state, country, or province by which such additional deposit was
required, and upon the filing of such evidence, and the approval of the
department, the company may withdraw such additional deposit. Upon
the approval of the department, any such domestic company may
deposit and use the reserve fund, provided for in section 9 of this
chapter, for the purpose of complying with the additional deposit
requirement of any other state, country, or province.
Formerly: Acts 1937, c.104, s.8. As amended by P.L.252-1985,
SEC.254.