705

(a) No transfer of any funds or security so held on deposit, whether voluntary or by operation of law, shall be valid unless approved in writing by the Commissioner of Insurance and countersigned by the Commissioner of Finance or by his authorized deputy or agent.\n(b) A statement of each such transfer shall be entered on the records of the Commissioner of Finance and of the Commissioner of Insurance, showing the name of the insurer from whose deposit such transfer is made, the name of the transferee, the par value of securities having par value, and the asset value of other securities as at last recent valuation.