(a) With the exception of a mutual captive insurance company, no captive insurance company issued a certificate of authority shall be permitted to do any business in this state unless it is possessed of an actual capital and an accumulated surplus of not less than the following:
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(b) No mutual captive insurance company shall be issued a certificate of authority to do business in this state unless it has a guaranty capital surplus of not less than one million dollars ($1,000,000). A mutual captive insurance company may issue assessable policies providing for a contingent premium in addition to the regular premium.
(c) With the exception of a mutual captive insurance company, the commissioner shall accept an irrevocable letter of credit, in the form prescribed by regulation issued by the commissioner, on behalf of a captive insurance company in lieu of requiring the deposit of cash or securities representing the capital required by this section. The letters of credit shall be issued by a national bank or a state bank approved for that purpose by the commissioner. Guaranty capital surplus of a mutual captive insurance company must be funded by cash or securities eligible as legal investments for a domestic stock casualty insurance company.
(d) The deposit or letter of credit shall be held by the commissioner for the benefit of all policyholders wherever located.
(e) Any other provision of this chapter to the contrary notwithstanding:
(1) Any association captive insurance company whose member organizations are the type described in § 56-13-102(3)(C) shall have capital of not less than four hundred thousand dollars ($400,000) and surplus of not less than three hundred fifty thousand dollars ($350,000); and
(2) Any mutual captive insurance company whose members or insureds are organizations of the type described in § 56-13-102(3)(C) shall have a guaranty capital surplus of not less than seven hundred fifty thousand dollars ($750,000), which may be represented by an irrevocable letter of credit in the form and subject to the approval of the commissioner as generally provided for other captive insurance companies.
(a) With the exception of a mutual captive insurance company, no captive insurance company issued a certificate of authority shall be permitted to do any business in this state unless it is possessed of an actual capital and an accumulated surplus of not less than the following:
Click to view table.
(b) No mutual captive insurance company shall be issued a certificate of authority to do business in this state unless it has a guaranty capital surplus of not less than one million dollars ($1,000,000). A mutual captive insurance company may issue assessable policies providing for a contingent premium in addition to the regular premium.
(c) With the exception of a mutual captive insurance company, the commissioner shall accept an irrevocable letter of credit, in the form prescribed by regulation issued by the commissioner, on behalf of a captive insurance company in lieu of requiring the deposit of cash or securities representing the capital required by this section. The letters of credit shall be issued by a national bank or a state bank approved for that purpose by the commissioner. Guaranty capital surplus of a mutual captive insurance company must be funded by cash or securities eligible as legal investments for a domestic stock casualty insurance company.
(d) The deposit or letter of credit shall be held by the commissioner for the benefit of all policyholders wherever located.
(e) Any other provision of this chapter to the contrary notwithstanding:
(1) Any association captive insurance company whose member organizations are the type described in § 56-13-102(3)(C) shall have capital of not less than four hundred thousand dollars ($400,000) and surplus of not less than three hundred fifty thousand dollars ($350,000); and
(2) Any mutual captive insurance company whose members or insureds are organizations of the type described in § 56-13-102(3)(C) shall have a guaranty capital surplus of not less than seven hundred fifty thousand dollars ($750,000), which may be represented by an irrevocable letter of credit in the form and subject to the approval of the commissioner as generally provided for other captive insurance companies.
(a) With the exception of a mutual captive insurance company, no captive insurance company issued a certificate of authority shall be permitted to do any business in this state unless it is possessed of an actual capital and an accumulated surplus of not less than the following:
Click to view table.
(b) No mutual captive insurance company shall be issued a certificate of authority to do business in this state unless it has a guaranty capital surplus of not less than one million dollars ($1,000,000). A mutual captive insurance company may issue assessable policies providing for a contingent premium in addition to the regular premium.
(c) With the exception of a mutual captive insurance company, the commissioner shall accept an irrevocable letter of credit, in the form prescribed by regulation issued by the commissioner, on behalf of a captive insurance company in lieu of requiring the deposit of cash or securities representing the capital required by this section. The letters of credit shall be issued by a national bank or a state bank approved for that purpose by the commissioner. Guaranty capital surplus of a mutual captive insurance company must be funded by cash or securities eligible as legal investments for a domestic stock casualty insurance company.
(d) The deposit or letter of credit shall be held by the commissioner for the benefit of all policyholders wherever located.
(e) Any other provision of this chapter to the contrary notwithstanding:
(1) Any association captive insurance company whose member organizations are the type described in § 56-13-102(3)(C) shall have capital of not less than four hundred thousand dollars ($400,000) and surplus of not less than three hundred fifty thousand dollars ($350,000); and
(2) Any mutual captive insurance company whose members or insureds are organizations of the type described in § 56-13-102(3)(C) shall have a guaranty capital surplus of not less than seven hundred fifty thousand dollars ($750,000), which may be represented by an irrevocable letter of credit in the form and subject to the approval of the commissioner as generally provided for other captive insurance companies.
