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§4202
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§4202 . Capital and surplus requirements of life insurance companies.
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§4202(a)
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(a)
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§4202(a)(1)
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(1) A stock company may be organized as prescribed in §1201 and subsection §1102(e) of this chapter and licensed to do the business of life insurance as specified in paragraph §1113(a)(1) of this chapter with a paid-in capital of at least $2,000,000 and a paid-in initial surplus at least equal to the greater of $4,000,000 or 200% of its capital, and it may in addition do any 1 or more of the kinds of insurance business specified in paragraphs §1113(a)(2) , §1113(a)(3) , §1113(a)(29) and §1113(a)(31) of this chapter, without having additional capital or surplus.
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§4202(a)(2)
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(2) Every such company shall at all times maintain a minimum capital of $2,000,000, except that every such company
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§4202(a)(2)(A)
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(A) if organized prior to April 4th, 1962 shall at all times maintain a minimum capital of at least $300,000 and a surplus at least equal to 50% of such capital; and
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§4202(a)(2)(B)
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(B) if organized on or after April 4th, 1962 and prior to September 1st, 1966 shall at all times maintain a minimum capital of at least $500,000 and a surplus at least equal to 50% of such capital; and
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§4202(a)(2)(C)
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(C) if organized on or after September 1st, 1966 and prior to September 1st, 1979 shall at all times maintain a minimum capital of at least $1,000,000 and a surplus at least equal to 50% of such capital.
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§4202(b)
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(b)
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§4202(b)(1)
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(1) The superintendent may permit the organization, in conformity with §1201 and subsection §1102(e) of this chapter, of a stock company to do on a restricted plan any 1 or more of the kinds of insurance business specified in paragraphs §1113(a)(1) , §1113(a)(2) and §1113(a)(3) of this chapter, with a minimum paid-in capital and a minimum paid-in surplus in an amount prescribed by him, but not less than a paid-in capital of $200,000 and a paid-in surplus at least equal to $100,000 provided the superintendent, after investigation, finds that the restricted plan is sound, economical and practical and that there is a public demand for such insurance or annuity contracts.
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§4202(b)(2)
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(2) Every such company shall at all times maintain such prescribed minimum capital except that every such company organized prior to April 4th, 1962 shall at all times maintain a minimum paid-in capital and a minimum paid-in surplus in an amount prescribed by the superintendent, but not less than a paid-in capital of $100,000 and a paid-in surplus at least equal to $50,000. Source Data downloaded: 2009-04-19 12: 33: 26; Processed: 2009-05-08 15: 36: 06
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