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* §4103 . Stock companies; financial requirements.
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(a)
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(1) A stock property/casualty insurance company organized in the manner prescribed in subsection §1201(a) of this chapter may be licensed under subsection §1102(e) of this chapter to write 1 or more kinds of insurance as specified in TABLE 1 upon meeting the applicable paid-in capital and an additional amount of paid-in surplus for each kind of insurance licensed, in the aggregate at least equal to the requirements specified in TABLE 1 and every such company shall thereafter maintain a minimum capital at least equal to the amount specified in (this §) and a surplus to policyholders at least equal to the aggregate paid-in capital specified in TABLE 1 for the kind or kinds of insurance licensed.
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TABLE ONE
Kind of insurance specified
in the following numbered Paid-in Paid-in
paragraphs of subsection Capital Surplus
(a) of § 1113:
Group A:
7 $300,000 $150,000
8, 9, 10, 11, or 14 - for each such kind $100,000 $ 50,000
13 or 15 - for each such kind $500,000 $250,000
16 $900,000 $450,000
17 $400,000 $200,000
Basic additional amount
required for any one
or more of the above
kinds of insurance $100,000 $ 50,000
3(i), 3(ii), 6{1} or 12{2} - for each
such kind $100,000 $ 50,000
22 $2,000,000 $1,000,000
24 $400,000 $200,000
26(B) $200,000 $100,000
26(A), 26 (C) or 26(D) -
for each such kind $600,000 $300,000
27 $300,000 $150,000
28 $2,000,000 $1,000,000
30 $400,000 $200,000
31 $100,000 $ 50,000
Group B:
4{3} or 20{4} - for each such kind $500,000 $500,000
Notes to TABLE ONE
{1} If licensed to write paragraph 4, no additional paid-in capital
and surplus is required.
{2} If licensed to write paragraph 4 or 20, no additional paid-in
capital and surplus is required.
{3} If licensed to write paragraph 4, no additional paid-in capital
and surplus is required for a license to write paragraphs 5, 6, 12, 19
and 20 (inland marine only).
{4} If licensed to write paragraph 20, no additional paid-in capital
and surplus is required for a license to write paragraphs 12, 19 and 21.
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(2) A stock property/casualty insurance company licensed to write 1 or more of the kinds of insurance as specified in TABLE 1, Group A, and having a minimum capital of $1,000,000, may be licensed to write any other kind of insurance specified in TABLE 1, Group A, upon at least having an initial surplus to policyholders equal to the aggregate of the paid-in capital and paid-in surplus specified in TABLE 1 for the kinds of insurance for which it is to be licensed, and shall thereafter maintain a surplus to policyholders at least equal to the aggregate paid-in capital prescribed in TABLE 1 for the kinds of insurance licensed or $1,000,000, whichever is greater.
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(3) A stock property/casualty insurance company licensed to write any kind of insurance specified in TABLE 1, Group A, must have a minimum capital of $1,000,000 and a surplus to policyholders as specified in (this ¶) before being licensed to write either kind of insurance specified in Group B. If licensed to write the kind or kinds of insurance specified in TABLE 1, Group B, it may, in addition write any 1 or more kinds of insurance specified in TABLE 1, Group A, provided it has a minimum capital of $1,000,000 and a surplus to policyholders as specified in (this ¶) before being licensed to write any other kind or kinds of insurance specified in TABLE 1, Group A. Every such company shall have an initial surplus to policyholders at least equal to the aggregate of the paid-in capital and paid-in surplus specified in TABLE 1 for the kinds of insurance for which it is to be licensed and shall thereafter maintain a surplus to policyholders at least equal to the aggregate paid-in capital prescribed in TABLE 1 for the kinds of insurance licensed or $1,000,000 whichever is greater.
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(4) A stock property/casualty insurance company licensed under subsection §4102(c) of this article to reinsure risks or write insurance on risks outside the United States, its territories and possessions, must maintain a surplus to policyholders of at least $35,000,000.
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(5) The amounts set forth in (¶ (1)(except) the amounts set forth for (¶ ((22))) , (¶ ((24))) and (¶ (26))) ,2 and 3 of (this sub§) shall be reduced by 50% for a domestic stock property/casualty insurance company initially licensed to do business in this state prior to July 1st, 1982.
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(b) No foreign stock property/casualty insurance company shall be granted a license to do business in this state unless it has a paid-in capital and surplus at least equal, respectively, to the amounts required by (sub§ (a)) hereof for the organization of a domestic company to write the same kind or kinds of insurance which such foreign company is to be licensed to write in this state, and every such company shall thereafter maintain a minimum capital and a surplus to policyholders at least equal to the amount required of a domestic company licensed for the same kind or kinds of insurance.
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(c) No alien stock property/casualty insurance company shall be granted a license to write any kind of insurance specified in TABLE 1, Group A, except as permitted by the provisions of notes {1} and {2} to TABLE 1, unless it has a trusteed surplus, as defined in §1312 of this chapter, at least equal in amount to 150% of the paid-in capital set forth in TABLE 1 for such kind or kinds of insurance, nor to write any kind of insurance specified in TABLE 1, Group B, unless it has such a trusteed surplus at least equal in amount to 200% of the paid-in capital set forth in TABLE 1 for such kind or kinds of insurance. Every such insurer shall thereafter maintain a trusteed surplus at least equal to the paid-in capital set forth in TABLE 1 for such kind or kinds of insurance.
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(d) The financial requirements specified in (sub§ (b)) and (sub§ (c)) hereof shall be reduced by 50% for a foreign or alien stock property/casualty insurance company initially licensed to do business in this state prior to July 1st, 1982, but such reduction shall not apply to such a foreign or alien insurer licensed under subsection §4102(c) of this article to reinsure risks or write insurance on risks outside the United States, its territories and possessions. Such reduction shall also not apply to the financial requirements specified in subsection (this §)(a) in order to write (¶ (22)) . * SPECIAL NOTE. - - Notwithstanding that Chapter 585 the Laws 1984: Bill §2 , §3 , §5 , §6 , §7 , 9 such chapter amend provisions the former Insurance Law that are not possible to juxtapose at this time due to the highly technical nature such changes will need future corrective legislation to implement such provisions into the new Insurance Law as enacted by such Chapter 367 the Laws 1984. Source Data downloaded: 2009-04-20 11: 15: 53; Processed: 2009-05-08 15: 36: 05 |
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