(1) Any deposit made in this state under this part 3 shall be released and returned:
(a) To the insurer upon extinguishment by reinsurance or otherwise of all liability of the insurer for the security of which the deposit is held; or
(b) To the insurer to the extent such deposit is in excess of the amount required; or
(c) Upon proper order of a court of competent jurisdiction to the receiver, conservator, rehabilitator, liquidator of the insurer, or any other properly designated official who succeeds to the management and control of the insurer's assets.
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