(a) Any such required deposit shall be released in these instances only:
(1) upon extinguishment of all liabilities of the insurer for the security of which the deposit is held, by reinsurance contract or otherwise;
(2) if any such deposit or portion thereof is no longer required under this title; and
(3) upon proper order of a court of competent jurisdiction the deposit shall be released to the receiver, conservator, rehabilitator, or liquidator of the insurer for whose account the deposit is held.
(b) No such release shall be made except on application to and written order of the Commissioner of Insurance made upon proof satisfactory to him of the existence of one of such grounds therefor. The Commissioner of Insurance shall have no personal liability for any such release of any deposit or part thereof so made by him in good faith.
(c) All releases of deposits or any part thereof shall be made to the person then entitled thereto upon proof of title satisfactory to the Commissioner of Insurance.
(d) Deposits held on account of title insurers are subject further to the provisions of chapter 47 of this title.