§ 1319 — Deposits by foreign insurers

§ 1319. Deposits by foreign insurers. (a) Every foreign insurer doing\nbusiness in this state shall keep on deposit with the superintendent, or\nwith the state officer of its home state designated by law for such\npurpose, the same amount of securities which a like domestic insurer\ntransacting the same kinds of insurance is required to deposit with the\nsuperintendent.\n (b) Such securities shall be of the same character required or\npermitted by section one thousand three hundred eighteen of this\narticle, except that such an insurer may, in the discretion of the\nsuperintendent, receive credit for a deposit with its home state\nconsisting of bonds and mortgages, or deeds of trust, on improved\nunencumbered real property located in its home state or in this state\nworth fifty per centum more than the amount loaned thereon.\n (c) The superintendent shall be furnished with the certificate of such\nstate officer of the insurer's home state under his hand and official\nseal that he holds such securities in trust and on deposit for the\nbenefit of all policyholders or all the policyholders and creditors of\nsuch insurer. Such certificate shall list the securities so held and\ntheir par or face value.\n