2006 New York Code - Release Of Deposits.

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