§ 56-3-905 — Deposit of securities by insurance companies

(a) (1) Securities eligible for deposit under the insurance laws of this state relating to deposit of securities by an insurance company as a condition of commencing or continuing to do any insurance business in this state may be deposited with a clearing corporation. (2) Securities deposited with a clearing corporation and used to meet the deposit requirements under the insurance laws of this state shall be under the control of the commissioner and shall not be withdrawn by the insurance company without the approval of the commissioner. (b) Any insurance company holding such securities as provided in subsection (a), shall provide to the commissioner evidence issued by its custodian in order to establish that: (1) The securities are actually recorded in an account in the name of the custodian; and (2) The records of the custodian reflect that such securities are subject to the order of the commissioner.

Legislative History

Acts 2012, ch. 680, § 4.