§431:3-205 Funds required of new insurers. Subject to section 431:3-203(a)(2), to qualify to transact any one class of insurance, an insurer, not existing and authorized in this State on July 1, 1988, shall:
(1) Deposit in a federally insured financial institution within the State, paid-up capital stock in the case of a stock insurer, or unimpaired surplus if (A) a reciprocal insurer, or (B) a mutual insurer which does not seek to qualify upon the basis of applications and premiums collected as provided in sections 431:4-303 to 431:4-307, in an amount not less than shown in the applicable Schedule "A";
(2) Maintain this deposit at all times while the insurer is licensed and transacting insurance in this State; and
(3) Secure the approval of the commissioner before making withdrawals from the depository.
Schedule "A"
Class of Insurance Amount Required
Life $ 600,000
Accident and Health or Sickness 450,000
Property 750,000
Marine and Transportation 1,000,000
Vehicle 1,000,000
General Casualty 1,500,000
Surety 1,000,000
Title 400,000
[L 1987, c 347, pt of §2 as superseded by c 348, §2; am L 1989, c 195, §13; am L 2003, c 212, §20]
Section: Previous 431-3-109 431-3-110 431-3-201 431-3-202 431-3-203 431-3-203.5 431-3-204 431-3-205 431-3-206 431-3-207 431-3-208 431-3-209 431-3-210 431-3-211 431-3-212 NextLast modified: October 27, 2016