§431:3-209  Deposits of alien and foreigninsurers; special deposits.  (a)  To qualify for and hold a certificate ofauthority, an alien or foreign insurer must deposit and maintain on depositassets equal in amount to either the amount of paid-up capital stock in thecase of a stock insurer, or surplus, in the case of a mutual or reciprocalinsurer, required of a domestic insurer to transact a business of insurance inlike class or classes of insurance, or the amount of $500,000, whichever amountis the greater.

(b)  The deposit shall be for the security ofall policyholders and obligees of the insurer in the United States.  It shallnot be subject to diminution below the amount currently determined inaccordance with subsection (a) so long as the insurer has outstanding anyliabilities arising out of its business transacted in the United States.

(c)  The deposit shall be maintained with thecommissioner.  In lieu of the deposit or part thereof, the commissioner shallaccept the certificate of the public official having supervision over insurancein another state showing that deposits by the insurer, or like part thereof,maintained by the insurer in that state for the benefit of all of the insurer'spolicyholders in the United States or all of its policyholders and obligees inthe United States, if the total deposit in this State and those evidenced bythe certificate or certificates is in an amount not less than the amountrequired pursuant to subsection (a).

(d)  The commissioner may require the foreignor alien insurer to place in a special deposit an amount determined by thecommissioner in a federally insured financial institution within the State. [L1987, c 347, pt of §2 as superseded by c 348, §4]