* § 4103. Stock companies; financial requirements. (a) (1) A stock
property/casualty insurance company organized in the manner prescribed
in subsection (a) of section one thousand two hundred one of this
chapter may be licensed under subsection (e) of section one thousand one
hundred two of this chapter to write one or more kinds of insurance as
specified in TABLE ONE upon meeting the applicable paid-in capital and
an additional amount of paid-in surplus for each kind of insurance
licensed, in the aggregate at least equal to the requirements specified
in TABLE ONE and every such company shall thereafter maintain a minimum
capital at least equal to the amount specified in this section and a
surplus to policyholders at least equal to the aggregate paid-in capital
specified in TABLE ONE for the kind or kinds of insurance licensed.
TABLE ONE
Kind of insurance specified
in the following numbered Paid-in Paid-in
paragraphs of subsection Capital Surplus
(a) of § 1113:
Group A:
7 $300,000 $150,000
8, 9, 10, 11, or 14 - for each such kind $100,000 $ 50,000
13 or 15 - for each such kind $500,000 $250,000
16 $900,000 $450,000
17 $400,000 $200,000
Basic additional amount
required for any one
or more of the above
kinds of insurance $100,000 $ 50,000
3(i), 3(ii), 6{1} or 12{2} - for each
such kind $100,000 $ 50,000
22 $2,000,000 $1,000,000
24 $400,000 $200,000
26(B) $200,000 $100,000
26(A), 26(C) or 26(D) -
for each such kind $600,000 $300,000
27 $300,000 $150,000
28 $2,000,000 $1,000,000
30 $400,000 $200,000
31 $100,000 $ 50,000
32 $100,000 $ 50,000
33 $100,000 $ 50,000
Group B:
4{3} or 20{4} - for each such kind $500,000 $500,000
Notes to TABLE ONE
{1} If licensed to write paragraph 4, no additional paid-in capital
and surplus is required.
{2} If licensed to write paragraph 4 or 20, no additional paid-in
capital and surplus is required.
{3} If licensed to write paragraph 4, no additional paid-in capital
and surplus is required for a license to write paragraphs 5, 6, 12, 19
and 20 (inland marine only).
{4} If licensed to write paragraph 20, no additional paid-in capital
and surplus is required for a license to write paragraphs 12, 19 and 21. (2) A stock property/casualty insurance company licensed to write one
or more of the kinds of insurance as specified in TABLE ONE, Group A,
and having a minimum capital of one million dollars, may be licensed to
write any other kind of insurance specified in TABLE ONE, Group A, upon
at least having an initial surplus to policyholders equal to the
aggregate of the paid-in capital and paid-in surplus specified in TABLE
ONE for the kinds of insurance for which it is to be licensed, and shall
thereafter maintain a surplus to policyholders at least equal to the
aggregate paid-in capital prescribed in TABLE ONE for the kinds of
insurance licensed or one million dollars, whichever is greater.
(3) A stock property/casualty insurance company licensed to write any
kind of insurance specified in TABLE ONE, Group A, must have a minimum
capital of one million dollars and a surplus to policyholders as
specified in this paragraph before being licensed to write either kind
of insurance specified in Group B. If licensed to write the kind or
kinds of insurance specified in TABLE ONE, Group B, it may, in addition
write any one or more kinds of insurance specified in TABLE ONE, Group
A, provided it has a minimum capital of one million dollars and a
surplus to policyholders as specified in this paragraph before being
licensed to write any other kind or kinds of insurance specified in
TABLE ONE, Group A. Every such company shall have an initial surplus to
policyholders at least equal to the aggregate of the paid-in capital and
paid-in surplus specified in TABLE ONE for the kinds of insurance for
which it is to be licensed and shall thereafter maintain a surplus to
policyholders at least equal to the aggregate paid-in capital prescribed
in TABLE ONE for the kinds of insurance licensed or one million dollars
whichever is greater.
(4) A stock property/casualty insurance company licensed under
subsection (c) of section four thousand one hundred two of this article
to reinsure risks or write insurance on risks outside the United States,
its territories and possessions, must maintain a surplus to
policyholders of at least thirty-five million dollars.
(5) The dollar amounts set forth in paragraphs one (except the dollar
amounts set forth for paragraphs (22), (24) and (26)), two and three of
this subsection shall be reduced by fifty percent for a domestic stock
property/casualty insurance company initially licensed to do business in
this state prior to July first, nineteen hundred eighty-two.
(b) No foreign stock property/casualty insurance company shall be
granted a license to do business in this state unless it has a paid-in
capital and surplus at least equal, respectively, to the amounts
required by subsection (a) hereof for the organization of a domestic
company to write the same kind or kinds of insurance which such foreign
company is to be licensed to write in this state, and every such company
shall thereafter maintain a minimum capital and a surplus to
policyholders at least equal to the amount required of a domestic
company licensed for the same kind or kinds of insurance.
(c) No alien stock property/casualty insurance company shall be
granted a license to write any kind of insurance specified in TABLE ONE,
Group A, except as permitted by the provisions of notes {1} and {2} to
TABLE ONE, unless it has a trusteed surplus, as defined in section one
thousand three hundred twelve of this chapter, at least equal in amount
to one hundred fifty percent of the paid-in capital set forth in TABLE
ONE for such kind or kinds of insurance, nor to write any kind of
insurance specified in TABLE ONE, Group B, unless it has such a trusteed
surplus at least equal in amount to two hundred percent of the paid-in
capital set forth in TABLE ONE for such kind or kinds of insurance.
Every such insurer shall thereafter maintain a trusteed surplus at least
equal to the paid-in capital set forth in TABLE ONE for such kind or
kinds of insurance.
(d) The financial requirements specified in subsections (b) and (c)
hereof shall be reduced by fifty percent for a foreign or alien stock
property/casualty insurance company initially licensed to do business in
this state prior to July first, nineteen hundred eighty-two, but such
reduction shall not apply to such a foreign or alien insurer licensed
under subsection (c) of section four thousand one hundred two of this
article to reinsure risks or write insurance on risks outside the United
States, its territories and possessions. Such reduction shall also not
apply to the financial requirements specified in subsection (a) of this
section in order to write paragraph twenty-two, twenty-four or
twenty-six.
* SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:
Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of
the former Insurance Law that are not possible to juxtapose at this time
due to the highly technical nature of such changes and will need future
corrective legislation to implement such provisions into the new
Insurance Law as enacted by such Chapter 367 of the Laws of 1984.
