Capital Funds Required — Foreign Insurers And New Domestic Insurers

TITLE 41 INSURANCE CHAPTER 3 AUTHORIZATION OF INSURERS AND GENERAL REQUIREMENTS 41-313. Capital funds required — Foreign insurers and new domestic insurers. (1) To qualify for and maintain authority to transact any one (1) kind of insurance (as defined in chapter 5) or combination of kinds of insurance as shown below, a foreign insurer, or a domestic insurer shall possess and thereafter maintain unimpaired paid-up capital stock (if a stock insurer) or unimpaired basic surplus (if a mutual insurer or reciprocal insurer), and shall possess and thereafter maintain additional funds in surplus as follows: Kind or kinds of insurance Paid-up capital stock or basic surplus Additional surplus Life $1,000,000 $1,000,000 Disability 1,000,000 1,000,000 Life and disability 1,000,000 1,000,000 Property 1,000,000 1,000,000 General casualty 1,000,000 1,000,000 Marine and transportation 1,000,000 1,000,000 Vehicle 1,000,000 1,000,000 Surety 1,000,000 1,000,000 Any two of the following kinds of insurance: Property, marine and transportation, general casualty, vehicle, surety, disability 1,000,000 1,000,000 Title 500,000 500,000 Multiple lines (all insurance except life and title insurance) 1,000,000 1,000,000 Mortgage guaranty insurance 1,500,000 1,500,000 (2)  An insurer holding a valid certificate of authority to transact insurance in this state shall comply with the paid-up capital stock or basic surplus and additional surplus requirements set forth in subsection (1) of this section. The director shall not grant such an insurer authority to transact any other or additional kinds of insurance unless it then fully complies with the requirements as to paid-up capital stock and additional surplus (if a stock insurer) or basic surplus and additional surplus (if a mutual or foreign reciprocal insurer) as applied to all the kinds of insurance which it then proposes to transact. (3)  Capital and surplus requirements are based upon all the kinds of insurance transacted by the insurer in any and all areas in which it operates or proposes to operate, whether or not only a portion of such kinds are to be transacted in this state. (4)  An insurance company holding a valid certificate of authority to transact insurance in this state immediately prior to January 1, 1995, shall have a period of three (3) years from and after that date within which to comply with the increase in capital and surplus requirements.