2005 Arizona Revised Statutes - Revised Statutes §20-1542 Capital and surplus
A. A mortgage guaranty insurance company shall not transact the business of mortgage guaranty insurance unless:
1. If a stock insurance company, it has paid in capital of at least one million dollars and paid in surplus of at least one million dollars.
2. If a mutual insurance company, it has a minimum initial surplus of two million dollars.
B. A stock company or a mutual company shall at all times thereafter maintain a minimum policyholders' surplus of at least one million five hundred thousand dollars.
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