§ 26-8-204 — Deposit of securities by foreign insurers

Notwithstanding any other provision of law, securities eligible
for deposit under the insurance laws of this state relating to
deposit of securities by an insurer as a condition of commencing
or continuing to do an insurance business in this state may be
deposited with a clearing corporation. 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control of the commissioner and shall not be withdrawn by the
insurer without the approval of the commissioner. Any insurer
holding securities in this manner shall provide to the
commissioner evidence issued by its custodian in order to
establish that the securities are actually recorded in an
account in the name of the custodian and evidence that the
records of the custodian reflect that the securities are held
subject to the order of the commissioner.