§ 27-2-6. Certificate of deposit for benefit of policyholders.
No insurance company, association, or society incorporated by or organized under the
laws of any other state or government shall make within this state any contract of
insurance unless it has deposited securities created by the laws of the United States,
or by or under laws of the state in which the company, association, or society is
located or in other safe stocks or securities, the market value of which at all times
shall be at least one hundred thousand dollars ($100,000) which investments are deposited
with the insurance commissioner, auditor, comptroller, or chief financial officer
of the state by whose laws the company is incorporated, or where the association or
society is located or has its principal office and place of business, and the insurance
commissioner of this state is furnished with the certificate of the commissioner,
auditor, comptroller, or chief financial officer, under his or her hand and official
seal, that he or she, as the commissioner, auditor, comptroller, or chief financial
officer of the state holds in trust and on deposit for the benefit of all policyholders
of the company, association, or society, voluntary or otherwise, the previously mentioned
securities. The certificate shall embrace the items of this security held, and shall
state that he or she is satisfied that the securities are worth one hundred thousand
dollars ($100,000); provided, that no company of any foreign country shall make any
contract of insurance with any person in this state unless the company, if a stock
company, has two million dollars ($2,000,000) paid-in capital stock and four million
dollars ($4,000,000) surplus, or if a mutual company, it has net assets over all liabilities
in the amount of not less than six million dollars ($6,000,000), and one million dollars
($1,000,000) is invested in stocks created by the laws of the United States, or under
the laws of some state of the United States, the market value of which at all times
shall be at least one million dollars ($1,000,000), and which shall have made a deposit
with the insurance commissioner of this state or with the proper officer of some other
state of the United States of not less than two million dollars ($2,000,000) in securities
which shall at all times have a market value of at least two million dollars ($2,000,000),
in trust for the benefit of its policyholders in the United States, and the general
treasurer of this state is furnished with the certificate of the commissioner, auditor,
comptroller, or chief financial officer, under his or her hand and official seal,
if the deposit be made in another state, that he or she as the commissioner, auditor,
comptroller, or chief financial officer of the state holds in trust and on deposit
for the benefit of all policyholders of the company, association, or society, voluntary
or otherwise, in the United States, the previously mentioned securities; the certificate
shall embrace the items of this security held, and shall state that he or she is satisfied
that the securities are worth two million dollars ($2,000,000). Nothing contained
in this section shall be so construed as to apply to foreign insurance companies licensed
prior to June 1, 1978.