§ 83-21-5. Deposit required for companies outside United States.
107 words·~1 min read·
/ms/title-83-insurance/general-provisions/83-21-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No foreign company, if incorporated or organized under the laws of any government or state elsewhere than in the United States, shall be admitted until it has made a deposit with the treasurer of the state, or with the financial officer of some other states of the United States, of a sum not less than the capital required of like companies under this chapter. Such deposit must be in exclusive trust for the benefit and security of all the company’s policyholders and creditors in the United States, and such deposit shall be deemed for all purposes of the insurance law the capital of the company making it.