§ 22:802 — Release of deposits

§802. Release of deposits
A. When an insurer desires to withdraw any deposit or portion of a deposit made in
this state pursuant to R.S. 22:801, the insurer shall make a written request to the
commissioner for release of the funds.
B. For deposits held pursuant to R.S. 22:801(A), the commissioner shall give notice
of the withdrawal request to the insurance commissioner or other proper supervisory official
of every state for which the deposit was required.
C. For deposits held pursuant to R.S. 22:801(A), the commissioner shall, no less than
thirty days after the notice to other states, authorize the bank or savings and loan holding the
deposit to release the deposit, unless he receives objection of the release from the insurance
commissioner or other proper supervisory official of a state for which the deposit was
required.
D. For deposits held pursuant to R.S. 22:801(B), the commissioner shall not release
the deposit, unless he determines that the grounds or conditions which led to the order
requiring the deposit no longer exist.
E. If an insurer is placed into rehabilitation or liquidation in this or another state, any
deposit made in this state may be surrendered to the receiver pursuant to an order of the
receivership court.

Legislative History

Acts 1958, No. 125. Amended by Acts 1979, No. 81, §1, eff. June 29, 1979; Redesignated from R.S. 22:1022 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2021, No. 159, §1, eff. July 1, 2021.