§431:7-309  Release of deposit.  (a) Any required deposit or portion thereof shall be released in these instancesonly:

(1)  Upon extinguishment of all liabilities or portionthereof, of the insurer for the security of which the deposit is held, by reinsurancecontract or otherwise.

(2)  If any such deposit or portion thereof is nolonger required under this part.

(3)  Upon proper order of a court of competentjurisdiction the deposit or portion thereof shall be released to the receiver,conservator, rehabilitator, or liquidator of the insurer for whose account thedeposit is held.

(b)  No such release shall be made except onapplication to and written order of the commissioner made upon proofsatisfactory to the commissioner of the existence of one of such groundstherefor.  The commissioner shall not have any personal liability for any suchrelease of any deposit or part thereof so made by the commissioner in goodfaith.

(c)  All releases of deposits or any partthereof shall be made to the person then entitled thereto upon proof of titlesatisfactory to the commissioner. [L 1987, c 347, pt of §2]