§ 4202 — Capital and surplus requirements of life insurance companies

§ 4202. Capital and surplus requirements of life insurance companies.\n(a) (1) A stock company may be organized as prescribed in section one\nthousand two hundred one and subsection (e) of section one thousand one\nhundred two of this chapter and licensed to do the business of life\ninsurance as specified in paragraph one of subsection (a) of section one\nthousand one hundred thirteen of this chapter with a paid-in capital of\nat least two million dollars and a paid-in initial surplus at least\nequal to the greater of four million dollars or two hundred percent of\nits capital, and it may in addition do any one or more of the kinds of\ninsurance business specified in paragraphs two, three, twenty-nine and\nthirty-one of subsection (a) of section one thousand one hundred\nthirteen of this chapter, without having additional capital or surplus.\n (2) Every such company shall at all times maintain a minimum capital\nof two million dollars, except that every such company\n (A) if organized prior to April fourth, nineteen hundred sixty-two\nshall at all times maintain a minimum capital of at least three hundred\nthousand dollars and a surplus at least equal to fifty percent of such\ncapital; and\n (B) if organized on or after April fourth, nineteen hundred sixty-two\nand prior to September first, nineteen hundred sixty-six shall at all\ntimes maintain a minimum capital of at least five hundred thousand\ndollars and a surplus at least equal to fifty percent of such capital;\nand\n (C) if organized on or after September first, nineteen hundred\nsixty-six and prior to September first, nineteen hundred seventy-nine\nshall at all times maintain a minimum capital of at least one million\ndollars and a surplus at least equal to fifty percent of such capital.\n (b) (1) The superintendent may permit the organization, in conformity\nwith section one thousand two hundred one and subsection (e) of section\none thousand one hundred two of this chapter, of a stock company to do\non a restricted plan any one or more of the kinds of insurance business\nspecified in paragraphs one, two and three of subsection (a) of section\none thousand one hundred thirteen of this chapter, with a minimum\npaid-in capital and a minimum paid-in surplus in an amount prescribed by\nhim, but not less than a paid-in capital of two hundred thousand dollars\nand a paid-in surplus at least equal to one hundred thousand dollars\nprovided the superintendent, after investigation, finds that the\nrestricted plan is sound, economical and practical and that there is a\npublic demand for such insurance or annuity contracts.\n (2) Every such company shall at all times maintain such prescribed\nminimum capital except that every such company organized prior to April\nfourth, nineteen hundred sixty-two shall at all times maintain a minimum\npaid-in capital and a minimum paid-in surplus in an amount prescribed by\nthe superintendent, but not less than a paid-in capital of one hundred\nthousand dollars and a paid-in surplus at least equal to fifty thousand\ndollars.\n