40-210.Foreign companies outside United States; permission totransact business; assets; condition.To determine whether any insurance company organized under the laws ofany government or state, other than one of the United States, may bepermitted to transact the business of insurance, indemnity or suretyshipin this state, the commissioner of insurance shall observe and begoverned by the following rule: Such company shall be credited with allassets, at their actual value, which it may have deposited for thesecurity of its policyholders within the United States in the insurancedepartments or with the chief financial officers of the several statesof the United States, and with all assets it may have deposited for likepurpose with and in the name of trustees appointed by such company,residents of the United States, approved by the chief officer of theinsurance department of the state where such trustees reside or thecommissioner of insurance of this state: Provided, That the plainlyexpressed terms and conditions of the deed or instrument under and byvirtue of which such deposit is made and held by trustees are such that,until all liabilities secured by such deposit are canceled, there shallat all times be one or more acting trustees thereunder competent andauthorized to hold, control and manage such trust to the full extent andfor all the purposes for which it was created.
Any of the assets of the trust may be released therefrom uponsubstitution of other legally qualified assets of at least equivalentvalue. Assets in excess of the deposits required by law may be releasedfrom the trust upon the authority of the supervisory official designatedin the trust agreement, which trust agreement shall have been approvedby the chief officer of the insurance department of the state where suchdeed is filed or the commissioner of insurance of this state. Astatement showing all assets deposited or released from the trust shallbe furnished the commissioner of insurance of this state at such timesas he, in his discretion may require, but not less than once each year:And provided further, That such company shall only have credit forsuch assets so deposited as are permitted under the laws of itsdomicile, but such assets shall be of a quality substantially as high asthose permitted for investment by like domestic insurers.
History: L. 1927, ch. 231, 40-210; L. 1951, ch. 292, § 1; June 30.
40-210.Foreign companies outside United States; permission totransact business; assets; condition.To determine whether any insurance company organized under the laws ofany government or state, other than one of the United States, may bepermitted to transact the business of insurance, indemnity or suretyshipin this state, the commissioner of insurance shall observe and begoverned by the following rule: Such company shall be credited with allassets, at their actual value, which it may have deposited for thesecurity of its policyholders within the United States in the insurancedepartments or with the chief financial officers of the several statesof the United States, and with all assets it may have deposited for likepurpose with and in the name of trustees appointed by such company,residents of the United States, approved by the chief officer of theinsurance department of the state where such trustees reside or thecommissioner of insurance of this state: Provided, That the plainlyexpressed terms and conditions of the deed or instrument under and byvirtue of which such deposit is made and held by trustees are such that,until all liabilities secured by such deposit are canceled, there shallat all times be one or more acting trustees thereunder competent andauthorized to hold, control and manage such trust to the full extent andfor all the purposes for which it was created.
Any of the assets of the trust may be released therefrom uponsubstitution of other legally qualified assets of at least equivalentvalue. Assets in excess of the deposits required by law may be releasedfrom the trust upon the authority of the supervisory official designatedin the trust agreement, which trust agreement shall have been approvedby the chief officer of the insurance department of the state where suchdeed is filed or the commissioner of insurance of this state. Astatement showing all assets deposited or released from the trust shallbe furnished the commissioner of insurance of this state at such timesas he, in his discretion may require, but not less than once each year:And provided further, That such company shall only have credit forsuch assets so deposited as are permitted under the laws of itsdomicile, but such assets shall be of a quality substantially as high asthose permitted for investment by like domestic insurers.
History: L. 1927, ch. 231, 40-210; L. 1951, ch. 292, § 1; June 30.
40-210.Foreign companies outside United States; permission totransact business; assets; condition.To determine whether any insurance company organized under the laws ofany government or state, other than one of the United States, may bepermitted to transact the business of insurance, indemnity or suretyshipin this state, the commissioner of insurance shall observe and begoverned by the following rule: Such company shall be credited with allassets, at their actual value, which it may have deposited for thesecurity of its policyholders within the United States in the insurancedepartments or with the chief financial officers of the several statesof the United States, and with all assets it may have deposited for likepurpose with and in the name of trustees appointed by such company,residents of the United States, approved by the chief officer of theinsurance department of the state where such trustees reside or thecommissioner of insurance of this state: Provided, That the plainlyexpressed terms and conditions of the deed or instrument under and byvirtue of which such deposit is made and held by trustees are such that,until all liabilities secured by such deposit are canceled, there shallat all times be one or more acting trustees thereunder competent andauthorized to hold, control and manage such trust to the full extent andfor all the purposes for which it was created.
Any of the assets of the trust may be released therefrom uponsubstitution of other legally qualified assets of at least equivalentvalue. Assets in excess of the deposits required by law may be releasedfrom the trust upon the authority of the supervisory official designatedin the trust agreement, which trust agreement shall have been approvedby the chief officer of the insurance department of the state where suchdeed is filed or the commissioner of insurance of this state. Astatement showing all assets deposited or released from the trust shallbe furnished the commissioner of insurance of this state at such timesas he, in his discretion may require, but not less than once each year:And provided further, That such company shall only have credit forsuch assets so deposited as are permitted under the laws of itsdomicile, but such assets shall be of a quality substantially as high asthose permitted for investment by like domestic insurers.
History: L. 1927, ch. 231, 40-210; L. 1951, ch. 292, § 1; June 30.
