§431:3-207  Noncompliance as to capital
stock and surplus permitted certain insurers for five years.  (a)  A
domestic or foreign insurer holding a valid certificate of authority to
transact insurance in this State as of July 1, 1988, for a period of five years
after that date, may continue to transact the kinds of insurance permitted by
the certificate of authority by complying with this code and by maintaining
unimpaired not less than the same amount of paid-in capital stock or surplus,
if a mutual or reciprocal insurer, as required under the laws of this State
immediately prior to July 1, 1988, and as if the laws had continued in force. 
After the five-year period, the insurer shall have and maintain not less than
the same amount of paid-in capital stock and surplus as is then required of
domestic stock insurers newly formed.



(b)  An insurer specified in subsection (a)
shall not be granted authority to transact any other or additional kinds of
insurance after the five-year period specified unless it then fully complies
with the capital and surplus requirements applied to all the kinds of insurance
it then proposes to transact, as provided under section 431:3-205 as to new
domestic insurers. [L 1987, c 347, pt of §2]