58-6-23. Paid-in capital and surplus requirements for certificate of authority.
174 words·~1 min read·
/sd/title-58/chapter-58-6/58-6-23·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To qualify for authority to transact any one kind of insurance or combination of kinds of insurance as shown below, a foreign insurer, or a domestic stock insurer applying for its original certificate of authority in this state, or any insurer reapplying for a certificate of authority in this state after having withdrawn from this state for any cause, shall possess and thereafter maintain unimpaired basic paid - in capital stock, if a stock insurer, or unimpaired basic surplus, if a foreign mutual insurer or foreign reciprocal insurer, and shall possess when first so authorized additional funds in surplus as follows:
Kind or Kinds of
Insurance
Basic Capital
or Basic Surplus
Additional
Surplus
Life
Domestic stock insurers
$200,000
$300,000
Foreign insurers
300,000
350,000
Health
Domestic stock insurers
200,000
300,000
Foreign insurers
300,000
350,000
Life and Health
Domestic stock insurers
400,000
400,000
Foreign insurers
400,000
525,000
Property
200,000
300,000
Casualty
Without Workers' Compensation
200,000
300,000
With Workers' Compensation
300,000
350,000
Marine and Transportation
200,000
300,000
Surety
200,000
300,000
Title
200,000
300,000
Multiple lines
400,000
400,000