The Florida Senate

625.51  Purpose of deposit.--Such deposits shall be held for the following purposes:

(1)  Deposits made in this state under ss. 624.411 and 624.412 shall be held for the purposes stated in the respective sections.

(2)(a)  A deposit made in this state by a domestic insurer transacting insurance in another state, province, or country, and as required by the laws of such state, province, or country, shall be held for the protection of the insurer's policyholders or policyholders and creditors.

(b)  The deposit shall be certified to another state, province, or country upon request of the insurer.

(c)  The deposit shall be maintained at the certified par value for any state, province, or country furnishing notification of reliance to the department.

(3)  Deposits required pursuant to the retaliatory provision, s. 624.5091, shall be held for such purposes as are required by such law and as specified by the order of the department by which the deposit is required.

History.--s. 167, ch. 59-205; ss. 13, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 124, 134, 809(1st), ch. 82-243; s. 41, ch. 90-132; ss. 53, 187, 188, ch. 91-108; s. 4, ch. 91-429.