§431:4-115  Escrow of funds.  (a)  Allfunds received pursuant to a solicitation permit shall be deposited and held inescrow in a bank or trust company under an agreement approved by thecommissioner.  No part of any such deposit shall be withdrawn except:

(1)  For the payment of promotion and organizationexpenses as authorized by the solicitation permit;

(2)  For the purpose of making any deposit with thecommissioner required for the issuance of a certificate of authority to aninsurer;

(3)  Upon completion of payments on stocksubscriptions made under the solicitation permit and deposit or appropriationof such funds for the purposes specified in the solicitation permit, if theproposed organization is not to be an insurer; or

(4)  For making of refunds as provided in section431:4-119.

(b)  When the commissioner has issued acertificate of authority to an insurer, any such funds remaining in escrow forits account shall be released to the insurer. [L 1987, c 347, pt of §2]