Sec. 21.24.040. Depositary or custodian.

205 words·~1 min read·/ak/title-21/chapter-24/21-24-040

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(a)Deposits made in this state under this title shall be made through the office of the director under custodial arrangements as required or approved by the director consistent with the purposes of the deposit, with an established safe deposit institution, bank, or trust company located in this state selected by the insurer with the director's approval.

(b)[Repealed, § 34 ch 1 FSSLA 2005.]

(c)If of convenience to the insurer in the buying, selling, and exchange of securities making up its deposit, and in the collection of interest and other income currently accruing on the securities, the insurer may, with the director's advance written approval, deposit a portion of the securities under custodial arrangements with an established bank or trust company located outside this state, if receipts representing all the securities are issued by the custodial bank or trust company and are held in custody subject to the requirements of

(a)of this section.

(d)The form and terms of all depositary or custodial agreements shall be as prescribed or approved by the director consistent with the applicable provisions of this title.

(e)The compensation and expenses of the depositary or custodian shall be borne by the insurer.