§ 58-10-370. Capital and surplus requirements.
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§ 58-10-370. Capital and surplus requirements.
(a)No applicant business entity shall be issued a license unless it possesses and maintains unimpaired paid-in capital and surplus of:
(1)In the case of a pure captive insurance company, not less than two hundred fifty thousand dollars ($250,000) or such other amount determined by the Commissioner.
(2)In the case of an association captive insurance company, not less than five hundred thousand dollars ($500,000).
(3)In the case of an industrial insured captive insurance company, not less than five hundred thousand dollars ($500,000).
(4)In the case of a risk retention group, not less than one million dollars ($1,000,000).
(5)In the case of a protected cell captive insurance company, not less than two hundred fifty thousand dollars ($250,000) or such other amount determined by the Commissioner.
(6)In the case of a special purpose captive insurance company, not less than two hundred fifty thousand dollars ($250,000) or such other amount determined by the Commissioner.
(b)The Commissioner may prescribe additional capital and surplus based upon the type, volume, and nature of insurance business to be transacted.
(c)Capital and surplus required by subsections
(a)and
(b)of this section shall be in the form of cash, securities approved by the Commissioner, a clean irrevocable letter of credit issued by a bank approved by the Commissioner, or other form approved by the Commissioner. (2013-116, s. 1; 2014-65, s. 5; 2015-99, s. 1; 2016-78, s. 4.1(f).)