§ 1320. Deposits by alien insurers; statutory deposits.
(a)No alien\ninsurer authorized to do an insurance business in this state shall do\nsuch business unless it shall have securities deposited (for the benefit\nof all its policyholders, or all its policyholders and creditors, in the\nUnited States) with the superintendent or with proper state officers of\nother states, or held as trusteed assets, in an amount at least equal to\none hundred fifty per centum of the capital required to be maintained by\na domestic stock insurer licensed to do the same kinds of insurance. In\nany event the deposit with the superintendent shall at least equal:\n (1) if such insurer is licensed in this state to do only one kind of\ninsurance, five hundred thousand dollars;\n (2) if such insurer is licens
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§ 1320. Deposits by alien insurers; statutory deposits. (a) No alien\ninsurer authorized to do an insurance business in this state shall do\nsuch business unless it shall have securities deposited (for the benefit\nof all its policyholders, or all its policyholders and creditors, in the\nUnited States) with the superintendent or with proper state officers of\nother states, or held as trusteed assets, in an amount at least equal to\none hundred fifty per centum of the capital required to be maintained by\na domestic stock insurer licensed to do the same kinds of insurance. In\nany event the deposit with the superintendent shall at least equal:\n (1) if such insurer is licensed in this state to do only one kind of\ninsurance, five hundred thousand dollars;\n (2) if such insurer is licensed in this state to do two or more kinds\nof insurance, an amount equal to the lesser of the capital required to\nbe maintained by a domestic stock insurer licensed to do the same kinds\nof insurance, or one million dollars.\n (b) Notwithstanding the foregoing, any alien insurer initially\nlicensed to do an insurance business in this state prior to July first,\nnineteen hundred eighty-two shall have securities deposited or held as\ntrusteed assets, as provided in subsection (a) hereof in an amount at\nleast equal to fifty percent of the deposit requirements applicable to\nan alien insurer initially authorized to do an insurance business in\nthis state on or after July first, nineteen hundred eighty-two.\n (c) Any licensed alien insurer may make additional deposits with the\nsuperintendent in order to comply with this section or section one\nthousand three hundred twelve of this article.\n (d) In any financial statement of a United States branch of any such\nalien insurer the item corresponding to capital stock of a domestic\nstock corporation shall be termed its "statutory deposit" and shall be\nin an amount equal to the deposit required to comply with the provisions\nof subsection (a) or (b) hereof.\n