§ 26-27-106 — Surplus funds required

(a) A domestic reciprocal insurer formed under this
chapter, if it has otherwise complied with the applicable
provisions of this code, may be authorized to transact insurance
if it has and maintains surplus funds as follows:
(i) To transact property insurance, surplus funds of
not less than three hundred thousand dollars ($300,000.00);
(ii) To transact casualty insurance, other than
worker's compensation, surplus funds of not less than three
hundred thousand dollars ($300,000.00);
(iii) To transact multiple lines insurance, surplus
funds of not less than six hundred thousand dollars
($600,000.00).
(b) In addition to surplus required to be maintained under
subsection (a) of this section, the insurer, when first
authorized, shall have expendable surplus equal to not less than
one-half (1/2) of the minimum amount of surplus required to be
maintained.
(c) A domestic reciprocal insurer may be authorized to
transact additional kinds of insurance if it has otherwise
complied with the provisions of this code therefor and possesses
and maintains surplus funds in an amount equal to the minimum
capital stock and surplus required to be maintained by a stock
insurer for authority to transact a like combination of kinds of
insurance.