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



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



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



(3)  Secure the approval of the commissioner before
making 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[L 1987, c 347, pt of §2 as superseded by c 348, §2;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]