33-2-611. Deficiency of deposit -- revocation of certificate.
111 words·~1 min read·
/mt/title-33/chapter-2/part-6/33-2-611·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-2-611 . Deficiency of deposit -- revocation of certificate. If for any reason the market value of assets and securities of an insurer held on deposit in this state or in another state under custodial arrangements authorized by 33-2-604
(2)falls below the amount required under this code to be held, the insurer shall promptly deposit other or additional assets or securities eligible for deposit under this part and in an amount sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 20 days after receipt of notice of the deficiency by certified mail from the commissioner, the commissioner shall revoke the insurer's certificate of authority.