33-5-401. Surplus funds required.
184 words·~1 min read·
/mt/title-33/chapter-5/part-4/33-5-401·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-5-401 . Surplus funds required.
(1)A domestic reciprocal insurer subject to this part, if it has otherwise complied with the applicable provisions of this code, may be authorized to transact insurance if it has and maintains surplus funds as follows:
(a)to transact property insurance, surplus funds of not less than $500,000;
(b)to transact casualty insurance:
(i)including authority for workers' compensation insurance, surplus funds of not less than $750,000; or
(ii)excluding authority for workers' compensation insurance, surplus funds of not less than $500,000.
(2)In addition to surplus funds required to be maintained under subsection (1), the insurer must have, when first authorized, expendable surplus in the same amount as required of a like foreign reciprocal insurer under 33-2-110 .
(3)A domestic reciprocal insurer may be authorized to transact additional kinds of insurance if it has otherwise complied with the provisions of this code for the additional kinds of insurance and maintains surplus funds in an amount equal to the minimum capital stock required of a stock insurer for authority to transact a like combination of kinds of insurance.