Sec 20-582. Purpose of deposits

Latest version.

Deposits made under the provisions of section 20-581, shall be held for purposes as follows:

1. When the deposit is required for authority to transact insurance in this state the deposit shall be held for the protection of all the insurer's policyholders within the United States.

2. When the deposit is required pursuant to the laws of another state, province or country, the deposit shall be held for such purposes as are required by such laws, and as specified by the director at the time the deposit is made.

3. When the deposit is required pursuant to the retaliatory provision set forth in section 20-230, the deposit shall be held for purposes as specified in the director's order requiring the deposit.

                    
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