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§1320
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§1320 . Deposits by alien insurers; statutory deposits.
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§1320(a)
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(a) No alien insurer authorized to do an insurance business in this state shall do such business unless it shall have securities deposited (for the benefit of all its policyholders, or all its policyholders and creditors, in the United States) with the superintendent or with proper state officers of other states, or held as trusteed assets, in an amount at least equal to 150 of the capital required to be maintained by a domestic stock insurer licensed to do the same kinds of insurance. In any event the deposit with the superintendent shall at least equal:
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§1320(a)(1)
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(1) if such insurer is licensed in this state to do only 1 kind of insurance, $500,000 ;
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§1320(a)(2)
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(2) if such insurer is licensed in this state to do 2 or more kinds of insurance, an amount equal to the lesser of the capital required to be maintained by a domestic stock insurer licensed to do the same kinds of insurance, or $1,000,000.
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§1320(b)
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(b) Notwithstanding the foregoing, any alien insurer initially licensed to do an insurance business in this state prior to July 1st, 1982 shall have securities deposited or held as trusteed assets, as provided in (sub§ (a)) hereof in an amount at least equal to 50% of the deposit requirements applicable to an alien insurer initially authorized to do an insurance business in this state on or after July 1st, 1982.
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§1320(c)
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(c) Any licensed alien insurer may make additional deposits with the superintendent in order to comply with this section or section1312 of this article.
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§1320(d)
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(d) In any financial statement of a United States branch of any such alien insurer the item corresponding to capital stock of a domestic stock corporation shall be termed its "statutory deposit" and shall be in an amount equal to the deposit required to comply with the provisions of (sub§ (a)) hereof. Source Data downloaded: 2009-04-09 14: 21: 56; Processed: 2009-05-08 15: 35: 49
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