§36-2907. Surplus funds required.
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/ok/title-36-insurance/36-2907·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A domestic reciprocal insurer hereunder formed, if it has otherwise complied with the provisions of this Code, may be authorized to transact insurance if it deposits and maintains on deposit with the State Treasurer, through the office of the Insurance Commissioner, surplus funds as follows:
1. To transact property insurance, surplus funds of not less than One Hundred Thousand Dollars ($100,000.00).
2. To transact vehicle insurance, surplus funds of not less than One Hundred Fifty Thousand Dollars ($150,000.00).
B. A domestic reciprocal insurer may be authorized to transact additional kinds of insurance if it has otherwise complied with the provisions of this Code therefor and possesses and so maintains on deposit surplus funds in amount equal to the minimum capital required of a stock insurer for authority to transact a like combination of kinds of insurance. Laws 1957, p. 355, § 2907.