§ 1317. Release of deposits. (a) (1) In this section, "release of\ndeposits" means the transfer and delivery by the superintendent of\ndeposited securities to the depositing insurer at its request, or to a\nperson designated by it in writing, without substitution of other\nsecurities. The superintendent may require authentication or proof of\nsuch request, or of such designation, in such form and manner as he may\nprescribe.\n (2) No depositing insurer shall be entitled to a total or partial\nrelease of its deposited securities except as specified in this section.\n (3) No total or partial release of a deposit, made in good faith by\nthe superintendent, shall impose any personal liability upon him.\n (b) If the superintendent finds that the aggregate market value of the\nrequired deposit of any insurer doing business in this state exceeds one\nhundred five per centum of the amount required of such insurer by the\nlaws of this state, he may release securities of such deposit, having a\nvalue not greater than the amount of such excess, but the par value of\nthe securities remaining on deposit shall not be less than the amount\nrequired by the provisions of this chapter.\n (c) If the superintendent finds that all or any part of any voluntary\ndeposit of any insurer is no longer required to comply with the laws of\nthis or any other state, he may to such extent release such deposit.\n (d) If the superintendent finds that the aggregate market value of the\nrequired deposit of any insurer exceeds two hundred per centum of the\ntotal amount of its outstanding accrued and contingent liabilities\nassumed, or covering persons or risks located, within the United States,\nand that such insurer has ceased to do any new business within the\nUnited States, he may release securities of such deposit having a value\nnot greater than the excess.\n (e) In making any findings required by this section the superintendent\nmay make such examination or other investigation of the affairs of such\ninsurer as he deems expedient, and may require a statement subscribed by\ntwo principal officers of such insurer and affirmed by them as true\nunder the penalties of perjury as to any facts therein.\n
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