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.
History:
[41-313, added 1961, ch. 330, sec. 76, p. 645; am. 1969, ch. 214, sec. 6, p. 625; am. 1986, ch. 57, sec. 1, p. 164; am. 1993, ch. 279, sec. 3, p. 946; am. 1994, ch. 240, sec. 1, p. 752; am. 1995, ch. 96, sec. 1, p. 273.]
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