44-319.10. Interest; collectible by depositing insurer; Securities Deposit Trust Fund; created; disbursement.

168 words·~1 min read·/ne/chapter-44/44-319-10

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

(1)Unless prohibited by the order of a court, all income on securities deposited with the Department of Insurance or with an authorized depository of the department shall be collectible by the depositing insurer or assessment association. In the event such income is paid to the Director of Insurance or to the department, it shall be paid by the department into the state treasury and deposited by the State Treasurer in a trust fund to be known as the Securities Deposit Trust Fund which is hereby created, to be expended as provided by this section.

(2)The Director of Administrative Services, upon presentation of a voucher properly countersigned by the director, is authorized to draw his warrants against the Securities Deposit Trust Fund only for the purpose of paying to depositing insurers or assessment associations entitled thereto, amounts equal to the total income paid to the director or to the department on securities deposited with the department, all as more fully explained in subsection

(1)of this section.