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(1)
(a) Foreign insurers operating under Chapter 14, Foreign Insurers, shall maintain a deposit in the amount of the insurer's minimum required capital for stock insurers, or minimum required permanent surplus for mutual insurers.
(b) The deposit shall be held for the benefit of all policyholders and may be maintained with an official of some other state designated by law to accept the deposit.
(2) The commissioner may not issue or renew a certificate of authority to an insurer until the insurer complies with this section.