2005 Idaho Code - 41-313 — CAPITAL FUNDS REQUIRED -- FOREIGN INSURERS AND NEW DOMESTIC INSURERS

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 3
                          AUTHORIZATION OF INSURERS
                           AND GENERAL REQUIREMENTS
    41-313.  CAPITAL FUNDS REQUIRED -- FOREIGN INSURERS AND NEW DOMESTIC
INSURERS. (1) To qualify for and maintain authority to transact any one (1)
kind of insurance (as defined in chapter 5) or combination of kinds of
insurance as shown below, a foreign insurer, or a domestic insurer shall
possess and thereafter maintain unimpaired paid-up capital stock (if a stock
insurer) or unimpaired basic surplus (if a mutual insurer or reciprocal
insurer), and shall possess and thereafter maintain additional funds in
surplus as follows:
Kind or kinds                     Paid-up capital stock     Additional
of insurance                        or basic surplus         surplus
Life ..............................    $1,000,000          $1,000,000
Disability ........................     1,000,000           1,000,000
Life and disability ...............     1,000,000           1,000,000
Property ..........................     1,000,000           1,000,000
General casualty ..................     1,000,000           1,000,000
Marine and transportation .........     1,000,000           1,000,000
Vehicle ...........................     1,000,000           1,000,000
Surety ............................     1,000,000           1,000,000
   Any two of the following
      kinds of insurance:
      Property, marine and
      transportation, general
      casualty, vehicle, surety,
      disability ..................     1,000,000           1,000,000
Title .............................       500,000             500,000
Multiple lines (all insurance
   except life and
   title insurance) ...............     1,000,000           1,000,000
Mortgage guaranty insurance .......     1,500,000           1,500,000
    (2)  An insurer holding a valid certificate of authority to transact
insurance in this state shall comply with the paid-up capital stock or basic
surplus and additional surplus requirements set forth in subsection (1) of
this section. The director shall not grant such an insurer authority to
transact any other or additional kinds of insurance unless it then fully
complies with the requirements as to paid-up capital stock and additional
surplus (if a stock insurer) or basic surplus and additional surplus (if a
mutual or foreign reciprocal insurer) as applied to all the kinds of insurance
which it then proposes to transact.
    (3)  Capital and surplus requirements are based upon all the kinds of
insurance transacted by the insurer in any and all areas in which it operates
or proposes to operate, whether or not only a portion of such kinds are to be
transacted in this state.
    (4)  An insurance company holding a valid certificate of authority to
transact insurance in this state immediately prior to January 1, 1995, shall
have a period of three (3) years from and after that date within which to
comply with the increase in capital and surplus requirements.