§ 26-8-203 — Deposit of securities by insurers

Notwithstanding any other provision of law, the securities
qualified for deposit under this chapter may be deposited with a
clearing corporation. Securities deposited with a clearing
corporation and used to meet the deposit requirements set forth
in chapter 3 of this code shall be under the control of the
commissioner and shall not be withdrawn by the insurer without
the approval of the commissioner. Any insurer holding securities
in this manner shall provide to the commissioner evidence issued
by its custodian through which the insurer has deposited the
securities in a clearing corporation in order to establish that
the securities are actually recorded in an account in the name
of the custodian and that the records of the custodian reflect
that the securities are held subject to the order of the
commissioner.