§ 1319. Deposits by foreign insurers. (a) Every foreign insurer doing
business in this state shall keep on deposit with the superintendent, or
with the state officer of its home state designated by law for such
purpose, the same amount of securities which a like domestic insurer
transacting the same kinds of insurance is required to deposit with the
superintendent.

(b) Such securities shall be of the same character required or
permitted by section one thousand three hundred eighteen of this
article, except that such an insurer may, in the discretion of the
superintendent, receive credit for a deposit with its home state
consisting of bonds and mortgages, or deeds of trust, on improved
unencumbered real property located in its home state or in this state
worth fifty per centum more than the amount loaned thereon.

(c) The superintendent shall be furnished with the certificate of such
state officer of the insurer's home state under his hand and official
seal that he holds such securities in trust and on deposit for the
benefit of all policyholders or all the policyholders and creditors of
such insurer. Such certificate shall list the securities so held and
their par or face value.