2013 New York Consolidated Laws
ISC - Insurance
Article 42 - (4202 - 4241) LIFE INSURANCE COMPANIES AND ACCIDENT AND HEALTH INSURANCE COMPANIES AND LEGAL SERVICES INSURANCE COMPANIES
4202 - Capital and surplus requirements of life insurance companies.

 
    §  4202. Capital and surplus requirements of life insurance companies.
  (a) (1) A stock company may be organized as prescribed  in  section  one
  thousand  two hundred one and subsection (e) of section one thousand one
  hundred two of this chapter and licensed to  do  the  business  of  life
  insurance as specified in paragraph one of subsection (a) of section one
  thousand  one hundred thirteen of this chapter with a paid-in capital of
  at least two million dollars and a  paid-in  initial  surplus  at  least
  equal  to  the greater of four million dollars or two hundred percent of
  its capital, and it may in addition do any one or more of the  kinds  of
  insurance  business  specified in paragraphs two, three, twenty-nine and
  thirty-one of  subsection  (a)  of  section  one  thousand  one  hundred
  thirteen of this chapter, without having additional capital or surplus.
    (2)  Every  such company shall at all times maintain a minimum capital
  of two million dollars, except that every such company
    (A) if organized prior to April  fourth,  nineteen  hundred  sixty-two
  shall  at all times maintain a minimum capital of at least three hundred
  thousand dollars and a surplus at least equal to fifty percent  of  such
  capital; and
    (B)  if organized on or after April fourth, nineteen hundred sixty-two
  and prior to September first, nineteen hundred sixty-six  shall  at  all
  times  maintain  a  minimum  capital  of  at least five hundred thousand
  dollars and a surplus at least equal to fifty percent of  such  capital;
  and
    (C)  if  organized  on  or  after  September  first,  nineteen hundred
  sixty-six and prior to September first,  nineteen  hundred  seventy-nine
  shall  at  all  times maintain a minimum capital of at least one million
  dollars and a surplus at least equal to fifty percent of such capital.
    (b) (1) The superintendent may permit the organization, in  conformity
  with  section one thousand two hundred one and subsection (e) of section
  one thousand one hundred two of this chapter, of a stock company  to  do
  on  a restricted plan any one or more of the kinds of insurance business
  specified in paragraphs one, two and three of subsection (a) of  section
  one  thousand  one  hundred  thirteen  of  this  chapter, with a minimum
  paid-in capital and a minimum paid-in surplus in an amount prescribed by
  him, but not less than a paid-in capital of two hundred thousand dollars
  and a paid-in surplus at least equal to  one  hundred  thousand  dollars
  provided   the  superintendent,  after  investigation,  finds  that  the
  restricted plan is sound, economical and practical and that there  is  a
  public demand for such insurance or annuity contracts.
    (2)  Every  such  company  shall at all times maintain such prescribed
  minimum capital except that every such company organized prior to  April
  fourth, nineteen hundred sixty-two shall at all times maintain a minimum
  paid-in capital and a minimum paid-in surplus in an amount prescribed by
  the  superintendent,  but not less than a paid-in capital of one hundred
  thousand dollars and a paid-in surplus at least equal to fifty  thousand
  dollars.