R590-178-2. Purpose and Scope

(1) The purpose of this rule is to: (a) authorize a domestic insurance company to use a modern system for holding and transferring a security without physical delivery of a security certificate; and (b) establish standards for a person in Subsection (2)(b) through (2)(e) to qualify and operate as a custodian for insurance company securities. (2) This rule applies to: (a) a domestic insurance company; (b) a national bank; (c) a state bank; (d) a trust company; and (e) a broker/dealer.