N.Y. Insurance Law § 1319: Deposits by foreign insurers

§ 1319. Deposits by foreign insurers. (a) Every foreign insurer doing

business in this state shall keep on deposit with the superintendent, or

with the state officer of its home state designated by law for such

purpose, the same amount of securities which a like domestic insurer

transacting the same kinds of insurance is required to deposit with the

superintendent.

(b) Such securities shall be of the same character required or

permitted by section one thousand three hundred eighteen of this

article, except that such an insurer may, in the discretion of the

superintendent, receive credit for a deposit with its home state

consisting of bonds and mortgages, or deeds of trust, on improved

unencumbered real property located in its home state or in this state

worth fifty per centum more than the amount loaned thereon.

(c) The superintendent shall be furnished with the certificate of such

state officer of the insurer's home state under his hand and official

seal that he holds such securities in trust and on deposit for the

benefit of all policyholders or all the policyholders and creditors of

such insurer. Such certificate shall list the securities so held and

their par or face value.