2013 New York Consolidated Laws
ISC - Insurance
Article 41 - (4101 - 4121) PROPERTY/CASUALTY INSURANCE COMPANIES
4103 - Stock companies; financial requirements.

 
    * §  4103.  Stock  companies;  financial requirements. (a) (1) A stock
  property/casualty insurance company organized in the  manner  prescribed
  in  subsection  (a)  of  section  one  thousand  two hundred one of this
  chapter may be licensed under subsection (e) of section one thousand one
  hundred two of this chapter to write one or more kinds of  insurance  as
  specified  in  TABLE ONE upon meeting the applicable paid-in capital and
  an additional amount of paid-in  surplus  for  each  kind  of  insurance
  licensed,  in the aggregate at least equal to the requirements specified
  in TABLE ONE and every such company shall thereafter maintain a  minimum
  capital  at  least  equal  to the amount specified in this section and a
  surplus to policyholders at least equal to the aggregate paid-in capital
  specified in TABLE ONE for the kind or kinds of insurance licensed.
 
                                  TABLE ONE
 
  Kind of insurance specified
  in the following numbered                      Paid-in        Paid-in
  paragraphs of subsection                       Capital        Surplus
  (a) of § 1113:
 
                                   Group A:
 
  7                                              $300,000       $150,000
  8, 9, 10, 11, or 14 - for each such kind       $100,000       $ 50,000
  13 or 15 - for each such kind                  $500,000       $250,000
  16                                             $900,000       $450,000
  17                                             $400,000       $200,000
  Basic additional amount
  required  for  any  one
  or  more  of  the above
  kinds of insurance                             $100,000       $ 50,000
  3(i), 3(ii), 6{1} or 12{2} - for each
  such kind                                      $100,000       $ 50,000
  22                                             $2,000,000     $1,000,000
  24                                             $400,000       $200,000
  26(B)                                          $200,000       $100,000
  26(A), 26 (C) or 26(D) -
  for each such kind                             $600,000       $300,000
  27                                             $300,000       $150,000
  28                                             $2,000,000     $1,000,000
  30                                             $400,000       $200,000
  31                                             $100,000       $ 50,000
                                  Group B:
 
  4{3} or 20{4} - for each such kind             $500,000       $500,000
 
    Notes to TABLE ONE
    {1}  If licensed to write paragraph 4, no additional  paid-in  capital
  and surplus is required.
    {2}  If  licensed  to  write  paragraph 4 or 20, no additional paid-in
  capital and surplus is required.
    {3}  If licensed to write paragraph 4, no additional  paid-in  capital
  and  surplus  is required for a license to write paragraphs 5, 6, 12, 19
  and 20 (inland marine only).
    {4}  If licensed to write paragraph 20, no additional paid-in  capital
  and surplus is required for a license to write paragraphs 12, 19 and 21.

    (2)  A stock property/casualty insurance company licensed to write one
  or more of the kinds of insurance as specified in TABLE  ONE,  Group  A,
  and  having a minimum capital of one million dollars, may be licensed to
  write any other kind of insurance specified in TABLE ONE, Group A,  upon
  at  least  having  an  initial  surplus  to  policyholders  equal to the
  aggregate of the paid-in capital and paid-in surplus specified in  TABLE
  ONE for the kinds of insurance for which it is to be licensed, and shall
  thereafter  maintain  a  surplus  to policyholders at least equal to the
  aggregate paid-in capital prescribed in  TABLE  ONE  for  the  kinds  of
  insurance licensed or one million dollars, whichever is greater.
    (3)  A stock property/casualty insurance company licensed to write any
  kind of insurance specified in TABLE ONE, Group A, must have  a  minimum
  capital  of  one  million  dollars  and  a  surplus  to policyholders as
  specified in this paragraph before being licensed to write  either  kind
  of  insurance  specified  in  Group  B. If licensed to write the kind or
  kinds of insurance specified in TABLE ONE, Group B, it may, in  addition
  write  any  one or more kinds of insurance specified in TABLE ONE, Group
  A, provided it has a minimum  capital  of  one  million  dollars  and  a
  surplus  to  policyholders  as  specified in this paragraph before being
  licensed to write any other kind or  kinds  of  insurance  specified  in
  TABLE  ONE, Group A. Every such company shall have an initial surplus to
  policyholders at least equal to the aggregate of the paid-in capital and
  paid-in surplus specified in TABLE ONE for the kinds  of  insurance  for
  which  it  is  to be licensed and shall thereafter maintain a surplus to
  policyholders at least equal to the aggregate paid-in capital prescribed
  in TABLE ONE for the kinds of insurance licensed or one million  dollars
  whichever is greater.
    (4)   A  stock  property/casualty  insurance  company  licensed  under
  subsection (c) of section four thousand one hundred two of this  article
  to reinsure risks or write insurance on risks outside the United States,
  its   territories   and   possessions,   must   maintain  a  surplus  to
  policyholders of at least thirty-five million dollars.
    (5) The dollar amounts set forth in paragraphs one (except the  dollar
  amounts  set forth for paragraphs (22), (24) and (26)), two and three of
  this subsection shall be reduced by fifty percent for a  domestic  stock
  property/casualty insurance company initially licensed to do business in
  this state prior to July first, nineteen hundred eighty-two.
    (b)  No  foreign  stock  property/casualty  insurance company shall be
  granted a license to do business in this state unless it has  a  paid-in
  capital  and  surplus  at  least  equal,  respectively,  to  the amounts
  required by subsection (a) hereof for the  organization  of  a  domestic
  company  to write the same kind or kinds of insurance which such foreign
  company is to be licensed to write in this state, and every such company
  shall  thereafter  maintain  a  minimum  capital  and   a   surplus   to
  policyholders  at  least  equal  to  the  amount  required of a domestic
  company licensed for the same kind or kinds of insurance.
    (c) No  alien  stock  property/casualty  insurance  company  shall  be
  granted a license to write any kind of insurance specified in TABLE ONE,
  Group  A,  except as permitted by the provisions of notes {1} and {2} to
  TABLE ONE, unless it has a trusteed surplus, as defined in  section  one
  thousand  three hundred twelve of this chapter, at least equal in amount
  to one hundred fifty percent of the paid-in capital set forth  in  TABLE
  ONE  for  such  kind  or  kinds  of  insurance, nor to write any kind of
  insurance specified in TABLE ONE, Group B, unless it has such a trusteed
  surplus at least equal in amount to two hundred percent of  the  paid-in
  capital  set  forth  in  TABLE  ONE for such kind or kinds of insurance.
  Every such insurer shall thereafter maintain a trusteed surplus at least

  equal to the paid-in capital set forth in TABLE ONE  for  such  kind  or
  kinds of insurance.
    (d)  The  financial  requirements specified in subsections (b) and (c)
  hereof shall be reduced by fifty percent for a foreign  or  alien  stock
  property/casualty insurance company initially licensed to do business in
  this  state  prior  to July first, nineteen hundred eighty-two, but such
  reduction shall not apply to such a foreign or  alien  insurer  licensed
  under  subsection  (c)  of section four thousand one hundred two of this
  article to reinsure risks or write insurance on risks outside the United
  States, its territories and possessions. Such reduction shall  also  not
  apply  to the financial requirements specified in subsection (a) of this
  section  in  order  to  write  paragraph  twenty-two,   twenty-four   or
  twenty-six.
 
  * SPECIAL NOTE.--Notwithstanding that Chapter 585 of the Laws of 1984:
    Bill sections 2, 3, 5, 6, 7, and 9 of such chapter amend provisions of
  the former Insurance Law that are not possible to juxtapose at this time
  due  to the highly technical nature of such changes and will need future
  corrective  legislation  to  implement  such  provisions  into  the  new
  Insurance Law as enacted by such Chapter 367 of the Laws of 1984.