Section 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.