1(1) 2All deposits by insurers and agents required for authority to transact insurance in this state must be limited to the following types:24(a) 25Cash delivered to the department for the Treasury Cash Deposit Trust Fund.
37(b) 38United States Government bonds, notes, and bills for which the full faith and credit of the Government of the United States is pledged for the payment of principal and interest.
68(c) 69United States and Canadian public bonds and notes of any state or of the District of Columbia, or the Government of Canada or any province thereof, for which the full faith and credit of the issuer has been pledged for the payment of principal and interest.
115(d) 116United States and Canadian county, provincial, municipal, and district bonds and notes for which the issuer has lawful authority to levy taxes or make assessments for the payment of principal and interest.
148(e) 149Bonds and notes of any federal agency which are guaranteed as to payment of principal and interest by the United States.
170(f) 171International development bank bonds and notes issued, assumed, and guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank or the International Finance Corporation.
206(g) 207Corporate bonds and notes of any private corporations that are not affiliates or subsidiaries of the insurer, which corporations are organized under the laws of the United States, Canada, any state, the District of Columbia, any territory or possession of the United States, or any province of Canada.
255(h) 256Certificates of deposit.
259(2) 260To be eligible for deposit under subsection (1), any bond or note must have the following characteristics:277(a) 278The bond or note must be interest-bearing or interest-accruing, and the insurer must be the exclusive owner of the interest accruing thereon and entitled to receive the interest for its account.
309(b) 310The issuer must be in a solvent financial condition and the bond or note must not be in default.
329(c) 330The bond or note must be rated in one of the four highest classifications by an established, nationally recognized investment rating service or must have been given a rating of 1 by the Securities Valuation Office of the National Association of Insurance Commissioners.
373(d) 374The market value of the bond or note must be readily ascertainable.
386(e) 387The bond or note must be the direct obligation of the issuer.
399(f) 400The bond or note must be stated in United States dollar denominations.
412(g) 413The bond or note must be eligible for book-entry form on the books of the Federal Reserve Book-Entry System or in a depository trust clearing system.
439(3) 440To be eligible for deposit under paragraph (1)(h), any certificate of deposit must have the following characteristics:457(a) 458The certificate of deposit must be issued by a bank, savings bank, or savings association that is organized under the laws of the United States, of this state, or of any other state and that has a principal office or branch office in this state which is authorized to receive deposits in this state.
512(b) 513The certificate of deposit must be interest-bearing and may not be issued in discounted form.
528(c) 529The certificate of deposit must be issued for a period of not less than 1 year.
545(d) 546The issuing bank, savings bank, or savings association must agree to the terms and conditions of the department regarding the rights to the certificate of deposit and must have executed a written certificate of deposit agreement with the department. The terms and conditions of such agreement shall include, but need not be limited to:6001. 601Exclusive authorized signature authority for the Chief Financial Officer.
6102. 611Agreement to pay, without protest, the proceeds of its certificate of deposit to the department within 30 business days after presentation.
6323. 633Prohibition against levies, setoffs, survivorship, or other conditions that might hinder the department’s ability to recover the full face value of a certificate of deposit.
6584. 659Instructions regarding interest payments, renewals, taxpayer identification, and early withdrawal penalties.
6705. 671Agreement to be subject to the jurisdiction of the courts of this state, or those of the United States which are located in this state, for the purposes of any litigation arising out of this section.
7076. 708Such other conditions as the department requires.
715(4) 716The office or department may refuse to accept certain securities or refuse to accept the reported market value of certain securities offered pursuant to this section in order to ensure that sufficient cash and securities are on hand to meet the purposes of the deposit. In making a refusal under this subsection, the guidelines for use of the office or department may include, but need not be limited to, whether the market value of the securities cannot be readily ascertained and the lack of liquidity of the securities. Securities refused under this subsection are not acceptable as deposits.
814(5) 815All deposits required of a domestic insurer pursuant to the laws of another state, province, or country must be comprised of securities of the kinds required under subsection (1), having the characteristics required under subsections (2) and (3), and permitted by the laws of the other state, province, or country, except common stocks, mortgages or loans of any kind, real estate investment trust funds or programs, commercial paper, and letters of credit.
887(6) 888Deposits of foreign insurers made in this state under the retaliatory provision, s. 901624.5091, 902must consist of such securities or assets as are required by the department pursuant to the retaliatory provision. 
