RS 22:550.11: Deposit required of association captive insurance companies

Before receiving a certificate of authority, all association captive insurance companies shall deposit with the commissioner a safekeeping or trust receipt from a bank located in the state and doing business within the state or from a savings and loan association chartered to do business in this state indicating that the association captive insurance company has deposited one hundred thousand dollars in money or bonds of the United States, the state of Louisiana, or any political subdivision thereof, of the par value of not less than one hundred thousand dollars. All securities deposited pursuant to this Section shall be held in trust for the benefit and protection of and as security for all policyholders of the association captive insurance company making the deposit.