Rule 120-2-35-.09. Substitution of Securities on Deposit

Any company which has an existing deposit of securities with the Commissioner of Insurance or the custodian bank may make a substitution of all or part of its deposit, provided that all of the following conditions have been met:

1. (a) The company desiring to replace securities shall make a written request for replacement to the custodian bank or the Commissioner of Insurance; and
2. (b) The replacement deposit shall be of an equal or a greater market value to the securities being replaced; and
3. (c) The company must submit the official receipt or other appropriate documentation for the securities it desires to be replaced.

Authority: O.C.G.A. Secs. 33-2-9, 33-12-4, 33-12-5, 33-12-8.

History. Original Rule entitled "Substitution of Securities on Deposit" adopted. F. Jul. 19, 1996; eff. Aug. 8, 1996.