2931

(1) The insurer may repay any loan received pursuant to § 2930 of this title, or any part thereof as approved by the Commissioner, only as provided in the loan agreement. Unless on liquidation of the insurer, no repayment shall be made which reduces the insurer’s assets below the amount reasonably required for continuance of its operations.\n(2) The insurer shall repay any such loan or the largest possible part thereof when the purposes for which the funds were borrowed have been fulfilled, and when the insurer’s surplus is adequate to so repay without unreasonable impairment of its operations.\n(3) No repayment of such loan shall be made unless approved by the Commissioner. The insurer shall notify the Commissioner in writing not less than sixty days in advance of its intention to repay such loan or part thereof, and the Commissioner shall forthwith ascertain whether the insurer’s financial condition is such that repayment can properly be made.\nHistory —Ins. Code § 29.310.