A. The director shall not issue a certificate of authority to any life and disability reinsurer unless the reinsurer has deposited in trust with the state treasurer through the director’s office cash or securities eligible for the investment of capital funds of domestic insurers under this title in an amount not less than the minimum paid-in capital stock required pursuant to this article to be maintained for authority to transact the kinds of insurance to be transacted.

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B. This section does not apply to unaffiliated credit life and disability reinsurers that deliver to the director a letter of credit pursuant to section 20-1085, subsection B.