§ 4204 — Financial requirements for the organization of stock accident and health insurance companies and stock legal services insurance companies

New York § 4204

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 42: Life Insurance Companies and Accident and Health Insurance Companies and Legal Services Insurance Companies

Text

§ 4204. Financial requirements for the organization of stock accident\nand health insurance companies and stock legal services insurance\ncompanies. (a) (1) A stock company may be organized in the manner\nprescribed in section one thousand two hundred one and subsection (e) of\nsection one thousand one hundred two of this chapter and licensed to do\nonly the kind of insurance business specified in item (i) of paragraph\nthree of subsection (a) of section one thousand one hundred thirteen of\nthis chapter, with a paid-in capital of not less than one hundred\nthousand dollars, and a paid-in surplus at least equal to fifty percent\nof its capital. Every such company shall at all times thereafter\nmaintain a minimum capital of one hundred thousand dollars.\n (2) Notwithstanding the foregoing, any such stock company initially\nlicensed on or after July first, nineteen hundred eighty-two shall have\na paid-in capital of not less than two hundred thousand dollars and a\npaid-in surplus at least equal to fifty percent of its capital and shall\nat all times maintain a minimum capital of at least two hundred thousand\ndollars.\n (b) (1) Any company organized under the provisions of subsection (a)\nof this section may be licensed to do the kind of insurance business\nspecified in item (ii) of paragraph three, paragraph twenty-nine and\nparagraph thirty-one of subsection (a) of section one thousand one\nhundred thirteen of this chapter, if it has a paid-in capital of not\nless than one hundred fifty thousand dollars, and a paid-in initial\nsurplus at least equal to fifty percent of its capital. Every such\ncompany shall at all times maintain a minimum capital of one hundred\nfifty thousand dollars.\n (2) Notwithstanding the foregoing provisions of this subsection, any\nsuch company initially licensed on or after July first, nineteen hundred\neighty-two shall have a paid-in capital of not less than three hundred\nthousand dollars and a paid-in surplus at least equal to fifty percent\nof its capital and shall at all times maintain a minimum capital of at\nleast three hundred thousand dollars.\n (c) A stock company may be organized to do only the kind of insurance\nspecified in paragraph twenty-nine of subsection (a) of section one\nthousand one hundred thirteen of this chapter if it complies with the\nfinancial requirements of paragraph one of subsection (a) of this\nsection.\n