§431:3-208  Funds required of existing andnew insurers for transacting additional classes of insurance.  (a)  Aninsurer otherwise qualified may be authorized to transact combinations ofclasses of insurance while having on deposit in a federally insured financialinstitution within the State, additional paid- up capital stock in the case ofa stock insurer, or additional unimpaired surplus in the case of a mutual orreciprocal insurer, subject to subsection (c) as to domestic mutual orreciprocal insurers, and subject to section 431:3-203(a)(2).  An insurerwanting to transact additional classes of insurance must:

(1)  Maintain at all times, in a federally insuredfinancial institution within the State, capital if a stock insurer, or surplus,if a mutual or reciprocal insurer, equal to the sum required of each individualclass of insurance it desires to transact, as listed in Schedule "A"of section 431:3-205;

(2)  Maintain a sum total not to exceed $2,500,000;and

(3)  Obtain first the approval by the commissioner forany withdrawals from this deposit.

(b)  An insurer while possessing in a federallyinsured financial institution within the State, $2,500,000 of capital in thecase of a stock insurer, or of unimpaired surplus in the case of a reciprocalor mutual insurer, may be authorized to transact all classes of insurance,subject to sections 431:3-204 to 431:3-206.

(c)  To qualify for authority to transact acombination of classes of insurance, a domestic mutual or reciprocal insurershall deposit in a federally insured financial institution within the State,surplus in an amount equal to the paid-up capital stock required of stockinsurers for authority to transact a like combination of classes of insurance.[L 1987, c 347, pt of §2 as superseded by c 348, §3]