§431:3-205  Funds required of new insurers. Subject to section 431:3-203(a)(2), to qualify to transact any one class ofinsurance, an insurer, not existing and authorized in this State on July 1,1988, shall:

(1)  Deposit in a federally insured financialinstitution within the State, paid-up capital stock in the case of a stockinsurer, or unimpaired surplus if (A) a reciprocal insurer, or (B) a mutualinsurer which does not seek to qualify upon the basis of applications andpremiums collected as provided in sections 431:4-303 to 431:4-307, in an amountnot less than shown in the applicable Schedule "A";

(2)  Maintain this deposit at all times while theinsurer is licensed and transacting insurance in this State; and

(3)  Secure the approval of the commissioner beforemaking withdrawals from the depository.

 

Schedule"A"

Class of Insurance Amount Required

Life $  600,000

Accident and Health or Sickness 450,000

Property 750,000

Marine and Transportation 1,000,000

Vehicle 1,000,000

General Casualty 1,500,000

Surety 1,000,000

Title 400,000

[L 1987, c 347, pt of §2 as superseded by c 348, §2;am L 1989, c 195, §13; am L 2003, c 212, §20]