33-2-602. Purpose of deposit.
161 words·~1 min read·
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33-2-602 . Purpose of deposit. Such deposits shall be held for purposes as follows:
(1)Deposits made in this state under 33-2-111 shall be held for the purpose stated in such section.
(2)A deposit made in this state by a domestic insurer transacting insurance in another state, province, or country and as required by the laws of such other state, province, or country shall be held for the protection of all the insurer's policyholders or all its policyholders and creditors or for such other purpose or purposes as may be specified pursuant to such laws.
(3)Deposits of reserves made by domestic life insurers under 33-2-416 shall be held for the common benefit of all the holders of its life insurance policies and annuity contracts.
(4)Deposits required pursuant to the retaliatory law, 33-2-709 , shall be held for such purposes as is required by such law and as specified by the commissioner's order requiring such deposit to be made.