(2) The director shall disallow as an asset any deposit, funds or other assets of the insurer found by the director after a hearing thereon:
(a) Not to be in good faith the property of the insurer;
(b) Not freely subject to withdrawal or liquidation by the insurer at any time for the payment or discharge of claims or other obligations arising under its policies; and
(c) To be resulting from arrangements made principally for the purpose of deception as to the insurer’s financial condition as of the date of any financial statement of the insurer. [1967 c.359 §221; 2005 c.22 §487]
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