* § 4103. Stock companies; financial requirements. (a) (1) A stock\nproperty/casualty insurance company organized in the manner prescribed\nin subsection (a) of section one thousand two hundred one of this\nchapter may be licensed under subsection (e) of section one thousand one\nhundred two of this chapter to write one or more kinds of insurance as\nspecified in TABLE ONE upon meeting the applicable paid-in capital and\nan additional amount of paid-in surplus for each kind of insurance\nlicensed, in the aggregate at least equal to the requirements specified\nin TABLE ONE and every such company shall thereafter maintain a minimum\ncapital at least equal to the amount specified in this section and a\nsurplus to policyholders at least equal to the aggregate paid-in capital\nspecified in TABLE ONE for the kind or kinds of insurance licensed.\n TABLE ONE\nKind of insurance specified\nin the following numbered Paid-in Paid-in\nparagraphs of subsection Capital Surplus\n(a) of § 1113:\n Group A:\n7 $300,000 $150,000\n8, 9, 10, 11, or 14 - for each such kind $100,000 $ 50,000\n13 or 15 - for each such kind $500,000 $250,000\n16 $900,000 $450,000\n17 $400,000 $200,000\nBasic additional amount\nrequired for any one\nor more of the above\nkinds of insurance $100,000 $ 50,000\n3(i), 3(ii), 6{1} or 12{2} - for each\nsuch kind $100,000 $ 50,000\n22 $2,000,000 $1,000,000\n24 $400,000 $200,000\n26(B) $200,000 $100,000\n26(A), 26(C) or 26(D) -\nfor each such kind $600,000 $300,000\n27 $300,000 $150,000\n28 $2,000,000 $1,000,000\n30 $400,000 $200,000\n31 $100,000 $ 50,000\n32 $100,000 $ 50,000\n33 $100,000 $ 50,000\n34 $2,000,000 $1,000,0000\n Group B:\n4{3} or 20{4} - for each such kind $500,000 $500,000\n Notes to TABLE ONE\n {1} If licensed to write paragraph 4, no additional paid-in capital\nand surplus is required.\n {2} If licensed to write paragraph 4 or 20, no additional paid-in\ncapital and surplus is required.\n {3} If licensed to write paragraph 4, no additional paid-in capital\nand surplus is required for a license to write paragraphs 5, 6, 12, 19,\n20, (inland marine only) and 34.\n {4} If licensed to write paragraph 20, no additional paid-in capital\nand surplus is required for a license to write paragraphs 12, 19 and 21.\n (2) A stock property/casualty insurance company licensed to write one\nor more of the kinds of insurance as specified in TABLE ONE, Group A,\nand having a minimum capital of one million dollars, may be licensed to\nwrite any other kind of insurance specified in TABLE ONE, Group A, upon\nat least having an initial surplus to policyholders equal to the\naggregate of the paid-in capital and paid-in surplus specified in TABLE\nONE for the kinds of insurance for which it is to be licensed, and shall\nthereafter maintain a surplus to policyholders at least equal to the\naggregate paid-in capital prescribed in TABLE ONE for the kinds of\ninsurance licensed or one million dollars, whichever is greater.\n (3) A stock property/casualty insurance company licensed to ‹ Prev All New York sections Next ›
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