Any deposit made in this state under the Insurance Code shall be released and returned:
1. To the insurer upon extinguishment by reinsurance or otherwise of substantially all liability of the insurer for the security of which the deposit is held upon proper request by the insurer and after financial review of the insurer proving generally acceptable financial conditions;
2. To the insurer to the extent such deposit is in excess of the amount required upon proper request by the insurer and after financial review of the insurer proving generally acceptable financial conditions; or
3. Upon proper order of a court of competent jurisdiction to the receiver, conservator, rehabilitator or liquidator of the insurer, or to any other properly designated official or officials who succeed to the management and control of the insurer's assets.
Added by Laws 1957, p. 292, § 1707, operative July 1, 1957. Amended by Laws 2012, c. 44, § 10, eff. Nov. 1, 2012.
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