(a) Domestic stock insurers may transact different kinds of insurance in the territory upon qualifying therefor and by having paid-in capital and surplus represented by assets, as follows: Minimum capital required Minimum surplus initially required (1) Life insurance $1,000,000 500,000 (2) Disability insurance 1,000,000 250,000 (A) Life and disability insurance 1,250,000 750,000 (3) Property insurance […]
“Life insurance” is insurance on human lives and insurances appertaining thereto or connected therewith. For the purposes of this title the transacting of life insurance includes the granting of annuities and endowment benefits; additional benefits in event of death by accident; additional benefits in event of the total and permanent disability of the insured; and […]
“Disability insurance” is insurance against bodily injury, disablement or death by accident, against disablement resulting from sickness, and every insurance appertaining thereto.
“Property insurance” is insurance against loss of or damage to real or personal property of every kind and any interest therein, from any or all hazard or cause, and against loss consequential upon such loss or damage.
(a) “Marine and transportation insurance” is insurance against loss of or damage to— (1) vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, evidences of debt, valuable papers, bottomry, and respondentia interest and all other kinds of property and interests therein, in respect to, appertaining to or in […]
(a) “Vehicle insurance” is insurance against loss or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, and against any loss or liability resulting from or incident to ownership, maintenance, or use of any such […]
“General casualty insurance” includes vehicle insurance as defined in section 456 of this title and in addition is insurance— (1) against legal liability for the death, injury, or disability of any human being, or for damage to property; (2) of medical, hospital, surgical and funeral benefits to persons injured, irrespective of legal liability of the […]
“Surety insurance” includes— (1) credit insurance as defined in section 457(9) of this title; (2) bail bond insurance as defined in section 459 of this title; (3) fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust; (4) guaranteeing the performance of contracts, other than insurance policies, and […]
“Bail bond insurance” is the guaranteeing that any person, in or in connection with any proceedings in any court, will attend in court when required, or will obey the orders or judgment of the court, as a condition to the release of such person from confinement, and the execution of bail bonds for any such […]
“Title insurance” is insurance of owners of property or others having an interest therein, against loss by encumbrance, or defective titles, or adverse claim to title, and services connected therewith.
Authority shall be granted or denied insurers, already authorized to transact one kind of insurance, to transact additional kinds of insurance as follows: (1) an insurer authorized to transact life insurance may also transact disability insurance and may be authorized to transact additional kinds of insurance subject to such regulation as the Commissioner may prescribe, […]
(a) Insurers, except as provided in section 461 of this title, shall be authorized to transact kinds of insurance in addition to kinds already authorized upon otherwise qualifying therefor, and subject to special surplus requirements set forth in subsection (c) of this section, possessing capital stock, if a stock insurer, or surplus, if a mutual […]
A domestic mutual assessment insurer shall not have authority to accept reinsurance. Any other domestic insurer may accept reinsurance only of such kinds of insurance as it is authorized to transact direct.
(a) No insurer, other than a title insurer, may retain any risk on any one subject of insurance, regardless of where located or to be performed, in an amount exceeding 10 percent of its surplus to policyholders. (b) For the purposes of this section, a “subject of insurance” as to insurance against fire includes all […]
After qualifying for authority to transact a kind of insurance, a domestic stock insurer may make use of its surplus for the development of its business, subject to subsection (b) of section 462 of this title.
(a) Subject to the special surplus requirements of subsection (b) of section 462 of this title, foreign stock insurers may be authorized to transact insurance in this territory upon otherwise qualifying therefor and while possessing capital stock in amount not less than the minimum capital required of a domestic insurer authorized to transact like kinds […]
