New York Insurance Law Section 4204 - Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies.

  4204. Financial requirements for the organization of stock accident
  and health  insurance  companies  and  stock  legal  services  insurance
  companies.  (a)  (1)  A  stock  company  may  be organized in the manner
  prescribed in section one thousand two hundred one and subsection (e) of
  section one thousand one hundred two of this chapter and licensed to  do
  only  the  kind of insurance business specified in item (i) of paragraph
  three of subsection (a) of section one thousand one hundred thirteen  of
  this  chapter,  with  a  paid-in  capital  of  not less than one hundred
  thousand dollars, and a paid-in surplus at least equal to fifty  percent
  of  its  capital.  Every  such  company  shall  at  all times thereafter
  maintain a minimum capital of one hundred thousand dollars.
(2) Notwithstanding the foregoing, any such  stock  company  initially
  licensed  on or after July first, nineteen hundred eighty-two shall have
  a paid-in capital of not less than two hundred thousand  dollars  and  a
  paid-in surplus at least equal to fifty percent of its capital and shall
  at all times maintain a minimum capital of at least two hundred thousand
  dollars.
(b)  (1)  Any company organized under the provisions of subsection (a)
  of this section may be licensed to do the  kind  of  insurance  business
  specified  in  item  (ii)  of paragraph three, paragraph twenty-nine and
  paragraph thirty-one of subsection  (a)  of  section  one  thousand  one
  hundred  thirteen  of  this  chapter, if it has a paid-in capital of not
  less than one hundred fifty thousand  dollars,  and  a  paid-in  initial
  surplus  at  least  equal  to  fifty  percent of its capital. Every such
  company shall at all times maintain a minimum  capital  of  one  hundred
  fifty thousand dollars.
(2)  Notwithstanding  the foregoing provisions of this subsection, any
  such company initially licensed on or after July first, nineteen hundred
  eighty-two shall have a paid-in capital of not less than  three  hundred
  thousand  dollars  and a paid-in surplus at least equal to fifty percent
  of its capital and shall at all times maintain a minimum capital  of  at
  least three hundred thousand dollars.
(c)  A stock company may be organized to do only the kind of insurance
  specified in paragraph twenty-nine of  subsection  (a)  of  section  one
  thousand  one  hundred  thirteen of this chapter if it complies with the
  financial requirements of  paragraph  one  of  subsection  (a)  of  this
  section.

Last modified: February 3, 2019