§431:19-105 Minimum surplus; letter of credit, security. (a) Subject to section 431:19-104(c), no captive insurance company formed other than as a stock insurer shall be issued a license unless it shall possess and thereafter maintain a free surplus of an amount established and deemed appropriate by the commissioner.

(b) The surplus 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 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, §5; am L 1999, c 302, §4]