17B:23-3 - Deposit by alien insurers
17B:23-3.Ā Deposit by alien insurers
No alien insurer shall be admitted until, in addition to complying with theĀ foregoing conditions, it has made a deposit or deposits with the insuranceĀ commissioner or other officer of a State or States of the United States,Ā designated by the laws of such State or States to hold the same, of a totalĀ amount not less than $200,000.00, nor less than the capital required of a stockĀ company of this State transacting the same kinds of business.Ā The deposit orĀ deposits must be in exclusive trust for the benefit and security of all theĀ policyholders of the company in the United States, and shall be deemed for allĀ purposes of this code the capital of the company making it.
L.1971, c. 144, s. 17B:23-3.
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No alien insurer shall be admitted until, in addition to complying with theĀ foregoing conditions, it has made a deposit or deposits with the insuranceĀ commissioner or other officer of a State or States of the United States,Ā designated by the laws of such State or States to hold the same, of a totalĀ amount not less than $200,000.00, nor less than the capital required of a stockĀ company of this State transacting the same kinds of business.Ā The deposit orĀ deposits must be in exclusive trust for the benefit and security of all theĀ policyholders of the company in the United States, and shall be deemed for allĀ purposes of this code the capital of the company making it.
L.1971, c. 144, s. 17B:23-3.
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