20-1085. Capital
A. To qualify for initial authority to transact business a domestic life and
disability reinsurer shall possess and thereafter maintain minimum required capital stock
in the amount of one hundred thousand dollars.
B. To qualify for initial authority to transact business, an unaffiliated credit
life and disability reinsurer shall possess and thereafter maintain unimpaired capital
stock in the amount of seventy-five thousand dollars. An unaffiliated credit life and
disability reinsurer may comply with this subsection with a clean, irrevocable and
unconditional letter of credit that contains an evergreen clause and that is payable to
the director in trust for the protection of all ceding insurers, affected policyholders
and related expenses and that is issued or confirmed by a qualified United States
financial institution as defined in section 20-261.03, subsection A. For the purposes of
this subsection, an evergreen clause provides for automatic renewal.
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