Sec 20-588. Release of deposits

A. Any deposit made in this state under this title shall be released and returned:

1. To the insurer upon extinguishment by reinsurance or otherwise of substantially all liability of the insurer for the security of which the deposit is held.

2. To the insurer to the extent such deposit is in excess of the amount required.

3. Upon proper order of a court of competent jurisdiction to the receiver, conservator, rehabilitator or liquidator of the insurer, or to any other properly designated official or officials who succeed to the management and control of the insurer's assets.

B. No release of deposited funds shall be made except upon application to and the written order of the director. The director shall have no personal liability for any such release of any such deposit or part thereof so made by him in good faith.