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§4204
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§4204 . Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies.
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§4204(a)
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(a)
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§4204(a)(1)
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(1) A stock company may be organized in the manner prescribed in §1201 and subsection §1102(e) of this chapter and licensed to do only the kind of insurance business specified in item §1113(a)(3)(i) of this chapter, with a paid-in capital of not less than $100,000, and a paid-in surplus at least equal to 50% of its capital. Every such company shall at all times thereafter maintain a minimum capital of $100,000.
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§4204(a)(2)
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(2) Notwithstanding the foregoing, any such stock company initially licensed on or after July 1st, 1982 shall have a paid-in capital of not less than $200,000 and a paid-in surplus at least equal to 50% of its capital and shall at all times maintain a minimum capital of at least $200,000.
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§4204(b)
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(b)
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§4204(b)(1)
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(1) Any company organized under the provisions of subsection (this §)(a) may be licensed to do the kind of insurance business specified in item §1113(a)(3),(ii) of this chapter, if it has a paid-in capital of not less than $150,000, and a paid-in initial surplus at least equal to 50% of its capital. Every such company shall at all times maintain a minimum capital of $150,000.
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§4204(b)(2)
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(2) Notwithstanding the foregoing provisions of (this sub§) ,any such company initially licensed on or after July 1st, 1982 shall have a paid-in capital of not less than $300,000 and a paid-in surplus at least equal to 50% of its capital and shall at all times maintain a minimum capital of at least $300,000.
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§4204(c)
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(c) A stock company may be organized to do only the kind of insurance specified in paragraph §1113(a)(29) of this chapter if it complies with the financial requirements of paragraph (this §)(a)(1) . Source Data downloaded: 2009-04-19 12: 33: 26; Processed: 2009-05-08 15: 36: 06
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