N.Y. Insurance Law § 1318: Deposits, securities eligible

§ 1318. Deposits, securities eligible. (a) Except as otherwise

provided in this chapter, every deposit made with the superintendent

shall be in the securities specified in paragraphs one and two of

subsection (b) of section one thousand four hundred two of this chapter,

estimated at an amount not exceeding their current market value, but

their total par value shall not be less than the amount required.

(b) Such deposit made by a foreign insurer may be in like securities

of its home state if similar domestic insurers doing business in such

state are permitted to deposit therein like securities of this state.

(c) If the aggregate market value of the securities on deposit shall

fall below the required amount, the superintendent may require the

depositing insurer to deposit sufficient additional securities of like

character.