RS 22:802

251 words·~1 min read·/la/title-22/22-807

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

RS 22:802

§802. Release of deposits

A. When an insurer desires to withdraw any deposit or portion of a deposit made in this state pursuant to R.S. 22:801, the insurer shall make a written request to the commissioner for release of the funds.

B. For deposits held pursuant to R.S. 22:801(A), the commissioner shall give notice of the withdrawal request to the insurance commissioner or other proper supervisory official of every state for which the deposit was required.

C. For deposits held pursuant to R.S. 22:801(A), the commissioner shall, no less than thirty days after the notice to other states, authorize the bank or savings and loan holding the deposit to release the deposit, unless he receives objection of the release from the insurance commissioner or other proper supervisory official of a state for which the deposit was required.

D. For deposits held pursuant to R.S. 22:801(B), the commissioner shall not release the deposit, unless he determines that the grounds or conditions which led to the order requiring the deposit no longer exist.

E. If an insurer is placed into rehabilitation or liquidation in this or another state, any deposit made in this state may be surrendered to the receiver pursuant to an order of the receivership court.

Acts 1958, No. 125. Amended by Acts 1979, No. 81, §1, eff. June 29, 1979; Redesignated from R.S. 22:1022 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1; Acts 2021, No. 159, §1, eff. July 1, 2021.