(a) Upon any termination of the guaranty fund deposit, the Commissioner of Finance shall release, through the Commissioner of Insurance, the securities comprising it to the insurer after the following conditions have been complied with:
(1) the insurer shall make written application to the Commissioner of Insurance for such release, verified by the oaths of its president and secretary; and
(2) the Commissioner of Insurance shall in due course following upon such application make such examination of the records of the insurer, and of the insurer's officers under oath, as he deems reasonably necessary to determine that the conditions for termination of the deposit have been met.
(b) Upon release of the securities, the Commissioner of Insurance shall revoke the insurer's certificate of authority.