31A-37a-302. Minimum capital and surplus.
89 words·~1 min read·
/ut/title-31a/chapter-37a/31a-37a-302A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
31A-37a-302. Minimum capital and surplus.
(1)The commissioner may not issue a special purpose financial captive insurance company a certificate of authority under this chapter unless it possesses unimpaired paid-in capital and surplus of not less than $250,000 on the day on which the certificate of authority is issued.
(2)A special purpose financial captive insurance company shall maintain unimpaired paid-in capital and surplus of not less than $250,000 at all times when having a certificate of authority under this chapter.
Enacted by Chapter 302 , 2008 General Session