48:4-12. Corporations may carry own liability insurance; paid up cash capital

Whenever the owner of any autobus, or the person possessing the right to use the same, is required by any law of this State or any ordinance of any municipality of this State to obtain or file with any public board, body or official within this State an insurance policy against loss from liability imposed by law upon autobus owners, or the persons possessing the right to use same, for damages either as a condition for the obtaining or making or continuing effective the permit or consent of any municipality to operate, or for the operation of, such autobus, or otherwise, said owner or person possessing the right to use the same, if a corporation, organized under the laws of this State, may carry its own liability insurance providing it can reasonably satisfy the Commissioner of Insurance as to the permanence and financial standing of its business and providing its paid up cash capital is not less than that required in the following schedule:

SCHEDULE

Class 1

For any such corporation operating not more than 20 of such autobusses, there shall be required a cash paid up capital of $400,000.00.

Class 2

For any such corporation operating not more than 30 of such autobusses, there shall be required a cash paid up capital of $600,000.00.

Class 3

For any such corporation operating not more than 40 of such autobusses, there shall be required a cash paid up capital of $800,000.00.

Class 4

For any such corporation operating not more than 50 of such autobusses, there shall be required a cash paid up capital of $1,000,000.00.

Class 5

For any such corporation operating more than 50 of such autobusses, there shall be required a cash paid up capital of not less than $2,000,000.00.

Amended by L.1962, c. 198, s. 69; L.1972, c. 182, s. 1.