20-1097.10. Capital, surplus and reserve requirements

The director shall not authorize an applicant to sell prepaid legal insurance contracts within this state unless the applicant:

1. Possesses and thereafter maintains unimpaired capital of at least six hundred thousand dollars.

2. Possesses and thereafter maintains surplus funds in an amount equal to at least fifty per cent of the capital requirement prescribed in paragraph 1 of this section.

3. Possesses and thereafter maintains an unearned premium reserve which meets the requirements prescribed in section 20-506.

20-1097.10. Capital, surplus and reserve requirements

The director shall not authorize an applicant to sell prepaid legal insurance contracts within this state unless the applicant:

1. Possesses and thereafter maintains unimpaired capital of at least six hundred thousand dollars.

2. Possesses and thereafter maintains surplus funds in an amount equal to at least fifty per cent of the capital requirement prescribed in paragraph 1 of this section.

3. Possesses and thereafter maintains an unearned premium reserve which meets the requirements prescribed in section 20-506.