(a) All funds received under a solicitation permit shall be deposited and held in escrow in a bond or trust company under an agreement approved by the director. Funds deposited may not be withdrawn, except
(1) for the payment of promotion and organization expenses as authorized by the solicitation permit;
(2) for the purpose of making a deposit with the director required for the issuance of a certificate of authority to an insurer;
(3) if the proposed organization is not to be an insurer, upon completion of payments on stock or syndicate subscriptions made under the solicitation permit and deposit or appropriation of the funds to the purposes specified in the solicitation permit; or
(4) for making refunds as provided in AS 21.69.190.
(b) When the director has issued a certificate of authority to an insurer the funds remaining in escrow for its account shall be released to the insurer.