TITLE 41

INSURANCE

CHAPTER 8

ADMINISTRATION OF DEPOSITS

41-811.  Deficiency of deposit. (1) For the purpose of determining the sufficiency of its deposit in this state the assets and securities of the insurer on deposit shall be valued at current market value.

(2)  If for any reason the current market value of such assets and securities falls below the amount of deposit required of the insurer under this code, the insurer shall promptly deposit other or additional assets or securities eligible for deposit and in amount sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within thirty (30) days after receipt of notice thereof by registered or certified mail from the director, the director shall forthwith without further notice revoke the insurer’s certificate of authority.

History:

[41-811, added 1961, ch. 330, sec. 180, p. 645.]