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  No part of any such deposit shall be withdrawn except:



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



(2)  For the purpose of making any deposit with the
commissioner required for the issuance of a certificate of authority to an
insurer;



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



(4)  For making of refunds as provided in section
431:4-119.



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