§431:19-104 Minimum capital; letter of credit, security. (a) No pure captive insurance company, association captive insurance company, or risk retention captive insurance company incorporated as a stock insurer shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital of an amount established and deemed appropriate by the commissioner. The amount for pure captive insurance companies may differ from the amount for association captive insurance companies and risk retention captive insurance companies.

(b) The capital may be in the form of cash, in the form of an irrevocable letter of credit issued by a bank chartered by this State or a member bank of the Federal Reserve System, or other security approved by the commissioner. [L 1987, c 347, pt of §2; am L 1998, c 150, §4]