58-6-23. Paid-in capital and surplus requirements for certificate of authority.
To qualify for authority to transact any one kind of insurance or combination of kinds of insurance as shown below, a foreign insurer, or a domestic stock insurer applying for its original certificate of authority in this state, or any insurer reapplying for a certificate of authority in this state after having withdrawn from this state for any cause, shall possess and thereafter maintain unimpaired basic paid-in capital stock, if a stock insurer, or unimpaired basic surplus, if a foreign mutual insurer or foreign reciprocal insurer, and shall possess when first so authorized additional funds in surplus as follows:
Kind or Kinds of Insurance |
Basic Capital or Basic Surplus |
Additional Surplus |
Life |
|
|
Domestic stock insurers |
$200,000 |
$300,000 |
Foreign insurers |
300,000 |
350,000 |
Health |
|
|
Domestic stock insurers |
200,000 |
300,000 |
Foreign insurers |
300,000 |
350,000 |
Life and Health |
|
|
Domestic stock insurers |
400,000 |
400,000 |
Foreign insurers |
400,000 |
525,000 |
Property |
200,000 |
300,000 |
Casualty |
|
|
Without Workers' Compensation |
200,000 |
300,000 |
With Workers' Compensation |
300,000 |
350,000 |
Marine and Transportation |
200,000 |
300,000 |
Surety |
200,000 |
300,000 |
Title |
200,000 |
300,000 |
Multiple lines |
400,000 |
400,000 |
Source: SL 1966, ch 111, ch 3, § 10 (1); SL 1967, ch 129, § 1.
