§431:3-207  Noncompliance as to capitalstock and surplus permitted certain insurers for five years.  (a)  Adomestic or foreign insurer holding a valid certificate of authority totransact insurance in this State as of July 1, 1988, for a period of five yearsafter that date, may continue to transact the kinds of insurance permitted bythe certificate of authority by complying with this code and by maintainingunimpaired 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 Stateimmediately 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 thanthe same amount of paid-in capital stock and surplus as is then required ofdomestic stock insurers newly formed.

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