Trusteed assets of an alien insurer held in this state under this chapter shall be subject to, and the trust agreement shall make provisions consistent with, the following conditions:
- (1) Legal title to the trusteed assets is vested in the trustee or trustees, and their successors lawfully appointed, in trust for the purposes and duration as stated in s. 630.041.
- (2) Substitution of a new trustee or trustees in case of a vacancy by death, resignation or otherwise may be made, subject to the department's approval.
- (3) All trusteed assets shall at all times be maintained as a trust fund separate and distinct from all other assets.
- (4) The trustee or trustees shall maintain a record at all times sufficient to identify the assets of the trust.
- (5) Withdrawal of or from the trusteed assets shall be made only as provided in s. 630.081.
History.--s. 707, ch. 59-205; ss. 13, 35, ch. 69-106; s. 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429.