(1) The commissioner shall receive and hold on deposit, in the manner provided in this law, the securities of domestic companies that are deposited by any such company under the provisions of this title (except article 15) and article 14 of title 24, C.R.S., for the purpose of securing policyholders or to comply with any similar law of another state to enable the company to transact business in such state. All securities so offered for deposit shall belong to and be the sole property of such company and shall be free and clear of any claims whatsoever, and the commissioner shall determine the same by proper inquiry.
(2) The commissioner shall furnish to such company a certificate, under his hand and official seal, certifying that he holds said securities in trust for the benefit of the policyholders of such company.
Source: L. 13: p. 325, § 10. L. 21: p. 454, § 2. C.L. § 2480. CSA: C. 87, § 9. CRS 53: § 72-1-9. C.R.S. 1963: § 72-1-9. L. 92: (1) amended, p. 1545, § 35, effective May 20. L. 2004: (1) amended, p. 900, § 13, effective May 21. L. 2012: (1) amended, (HB 12-1266), ch. 280, p. 1504, § 26, effective July 1.
Cross references: For procedure for deposit and commissioner's duty to safeguard, see § 10-3-210.