(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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.